Deal of the year: Blackstone/Morgan Stanley
Risk Awards 2015: Bank arranged record margin loan in 30 days
In terms of raw numbers, the story of Blackstone's buyout of the Hilton Hotels group appears baffling. The private equity giant led a $26 billion leveraged buyout of the firm at the height of the debt boom in 2007, including an initial $5.6 billion of its own capital. Two years later, with the crisis in full swing, it was facing an unrealised 70% loss on its investment. Yet fast forward to mid-2014, and Blackstone was toasting a paper profit of $12 billion – making the buyout one of the most
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