Issuing debt can be a daunting and time-consuming effort,especially for CFOs at small or midsize companies that go to marketinfrequently. David Pritchard and Jonathan Cunningham, founders ofAequitas Advisors in Stamford, Conn., argue that while CFOS atlarge public companies with well-staffed finance departments mighthandle such tasks on their own, a CFO at a company with fewerresources or less experience in this arena should consider workingwith an independent capital markets advisory firm.

“The vast majority of corporate CFOs only approach the publicmarkets very intermittently, coming to raise capital every three,four to five years,” Pritchard points out, adding that it behoovessuch companies to seek help in getting the best deal possible inwhat can be a highly conflicted and complex marketplace.

Pritchard, pictured at right, says the practice of hiringadvisers for corporate debt issuance is common in Europe but isonly now starting to gain traction in the U.S. Independent advisoryfirms such as the Rothschild Group, based in Europe, now offerthese types of services to U.S. companies, along with M&Aadvice, as do a growing list of U.S. boutique investment banks,such as Greenhill & Co. and Moelis & Co.