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Difference between Leveraged Finance Syndicate and IG Syndicate
Hi, could someone please kindly share insights on the differences between the above teams. Specifically looking for details on syndication process dynamics (I imagine LevFin deals are taking much longer to syndicate due to their more complex nature) relevance of market technicals/macroeconomics role...
DCM Internship Excel Test?
Hi all, I have an interview this week with an European MM Bank for an Off-Cycle internship in their DCM team and I’ve been told it involves an excel modelling test (“a simple test to see if we know how to structure the debt”). I wanted to ask what kind of models can I expect in this kind of...
ECM/DCM Lifestyle
I’ve spent several years in coverage IB and am thinking about trying to switch to capital markets. I’ve realized that I like the markets significantly more than m&a. I’ve seen a number of similar posts but focused on the analyst level and exits. What does the day to day look like at the...
EDHEC MSc Corporate Finance & Banking
Anyone took this course? Any opinions on doing this MSc after undergrad (without MiM)? Is it a good/easy/'target' course for IB? I'm curious about the pro's and cons of the programme.
Intern in DCM - seeking return offer , any recommenations?
After I tough recruitment process I have received an investment banking internship (20 weeks) at one of my regions most prestigious DCM desks. This an amazing opportunity, especially with me not coming from a direct target school. Any how, I have landed the internship and Im now facing 20 weeks of...
Follow passion in small VC or stick it out in LevFin
I'm about to graduate from a semi target (UMich, UCs, UT, etc.) and have a FT offer for a LevFin team at a BB in NYC. I interned there last summer and from my understanding, this was not an overall fulfilling experience (that is to say, the money and training was great, but I didn't find credit as...
SG Investment Banking Comp for Local Banks
Hi, Got into the later rounds of the interview process for the investment banking division for a local SG bank, i.e. DBS OCBC UOB. I can't seem to find information about working in the local bank's IBD team, so was wondering if WSO has any information on: 1. Compensation for associates 2. Working...
Terminal value discounting
Hi guys, I have been doing some preps on the DCM, and can't rub my head around why TV is discounted a year less than the year we calculate it in. So the PV formula for terminal value in year 5 would be: FCF*(1+g)/(WACC-g) and then multiplied by discounted factor of 1/(1+wacc)^5. So in essence, first...
Pivoting To Public Finance
Hey everyone, I'm currently planning on pivoting out of my PhD program and launching my career while still in my 20s. After some research, I found public finance (and DCM) to be the perfect match for my background and interest in public policy and infrastructure investment. I have relevant...
ECM or DCM Internship
Hello everyone, I'm joining a BBB as a summer analyst in capital markets and we get to submit preferences for which specific team we would like to join. I would like to convert this internship into a full-time position, but I am worried about which team (out of ECM or DCM) will be the most open to...
Success fees on DCM engagements
I'm considering a move from M&A into DCM and was wondering what the success fees look like on debt mandates. I know they're lower than M&A success fees but curious to get some perspective on those fees.
M&A vs DCM Deals - which path is more stable?
I currently work at a boutique LMM investment bank doing sell-side M&A. The success rates on deals has me very frustrated. We're at about 50% which it's my understanding that's not all that abnormal. I have contemplated switching over to the debt side as it seems that the success rates on those...
Resources to learn more about DCM/lev fin
I'm a 1st university student trying to break into DCM/Lev fin in IBD. Other than networking, I'm also trying to shore up my technicals, is investment banking by Rosenbaum&Pearl sufficient for DCM/lev fin(it has a section for LBOs, but not sure it's good enough)?
Why isn't DCM to FI AM common?
Exit ops are often very much talked about and I can see why DCM wouldn't place very well in most exit ops. However, I was wondering why DCM wouldn't be a natural fit for LO AM in Fixed Income teams if it would be in the Investment Grade Space? The usual caveat is that modelling exposure for IG space...
Is capital markets a good last minute internship?
I'm looking to eventually break into VC and PE . I go to a non-target school with a decent GPA , but nothing really going for me. This is compounded by being late to the game . I have an interview with a large non-bb bank for a capital markets internship . The boss of the person doing the interviews...
Do people even know what DCM is?
I am currently interviewing for M&A internships and I am baffled that some seniors of M&A groups have 0 clue what DCM is. A VP thought debt advisory was the same as DCM, and the other thought I should be familiar with M&A processes since I work in DCM, when the majority of deals are not even M&A...
Which banks have the best/active DCM groups in 2022
I am interested in the DCM side of things and was wondering which banks are huge players in this space in 2022. (The last post was from 2006 lol). I also realized that many BBs don't even have a separate DCM program at the analyst level (correct me if I'm wrong), so any insights into the available...
Moving from DCM to M&A (SA to FT)
Hey, I am currently interning at a pretty solid MM IB in their DCM division. I am interested in making an internal transfer switch to their M&A division for FT. I am not fully sure how to navigate this, so I came here to ask for advice. I realize that my first priority is to be the best darn intern...
DCM / ECM Networking Calls
This may seem like a stupid question, but I am just going to ask it anyways. I have done most of my networking for S&T and AM but am switching gears towards Capital Markets. Was wondering what questions are appropriate for CM calls? Is it similar to S&T like "what are you following in the market?"...
IBD: Project Finance vs Financial Sponsors
Currently have 2 job offers, to work within the Financial Sponsors group of a major bank or the Project Finance ibd group of another. I’d like to know which would be the best option (pros and cons) especially in regards to pay (bonus), modeling opportunities and exit opportunities. I’m trying to...
DCM within IB vs DCM in Capital Markets
Hello! I would like to know the difference if any of you guys have had experience between a DCM team that sits within the Investment Bank, so are referred to as Investment Bankers versus a DCM team that sits within the Capital Markets division. Where and how is it any different? Thanks in advance!
25 y/o aiming for DCM. Too late?
Became interested in DCM during online MBA. 2 years of experience in commercial insurance (currently working). Is it possible or am I completely F'd? I am 25. Living/working in NYC. Undergraduate degree in Risk Management and Insurance with a minor in statistics from a top 50 school (southeast)....
Fees for underwriting non-investment grade bonds
Sorry for the newbie Q, but is there a way to learn about a typical fee structure for underwriting non-investment grade bonds? Will it appear in the prospectus for such bonds? Can I find it in Bloomberg?
Sales Trader Vs. DCM FIG
Hello guys, I always read posts on forums and ask myself 'why not me?'. I'm seeking for your help. So basically, I got offers from two different things : 1- DCM Fig / Leading Investment Bank 2- Sales Trading / small (unknown) broker, in Credit Carbon & Biofuel products I'm super interested in Sales...
When should I hear back from a DCM interview?
I'm moving to DCM BanKing from IB (i hate it here) and applied and interviewed with just 1 firm. Got through 1 phone screen two Tuesdays ago, 1:1 with country head last tuesday and had 4 back to back interviews with VPs and a senior director this past tuesday. I heard back about next steps within a...
DCM Exits
Wondering about exit ops from DCM. I've seen a lot on WSO where people trash the exits, which may be fair, but am curious where people tend to end up. Is it important to lateral out early? Thanks
What does a DCM intern do???
Hi, so I landed an investment banking internship at a major investment bank. I just got notified that I'm going to working on the debt capital markets team. I don't really know that much about DCM...has anyone worked as a DCM intern and can shine some light on what I might be doing?
CB SA to FT LevFin/DCM?
I am going have a commercial bank internship at a BB soon, was wondering what I can do to increase my chances to getting into DCM or LevFin. Additionally, would Chicago be out of the question given my location in TX? Or will the Houston group be my best shot?
ECM/DCM outside of nyc
I’m currently in coverage but interested in capital markets. I really would like Ecm but also open to dcm. The problem is that I want to leave nyc. Are there any decent capital markets groups outside of nyc/sf/clt? Looking to be a career banker so don’t care about exits.
Which internship should I take to help me land a consulting internship next time?
I unfortunately wasn't able to secure a consulting internship for summer 2022 and most places are done recruiting. I want to try again for summer 2023 and will be practicing case interviews until then. In the meantime, here are the internships I did get: 1. DCM internship at mid-tier commercial bank...
Trying to raise debt for the first time - Any advice from DCM experts ahead of the project?
Hi, working in Treasury at a building society and long story short we're projecting to raise ~60 million of debt (public bond or private, to be decided) for the first time to fund a residential real estate project (some social housing units and some not). Going to be long term (likely ~30y or more)....
ECM, DCM, or LevFin at MS GCM?
Hello, I'm looking to intern at Morgan Stanley in Global Capital Markets. I would love some advice on whether I should try to place into Equity Capital Markets, Debt Capital Markets, or Leveraged Finance. I know the teams on DCM and LevFin teams the best. If I do LevFin, I feel quite certain I will...
DCM to Real Assets PE?
Received an interview request for a DCM from a non-US bank (Europe) that does a fair amount of DCM activity, team seems to cover a lot but could also include project finance and commodity finance lending too. For someone that's ultimately looking at infrastructure PE, would this be a good role to...
Risk Management to Investment Banking
Hi everyone, I recently received an offer at JPM in risk management as a SA' 22. My end goal is to break into IB. I may have a chance this summer to still secure a spot as I have been networking but I'm not sure. If I were to take the risk job and get on FT, does anyone have suggestions on breaking...
Calling all my friends in DCM - Need advice
Hello all, I just accepted a lateral offer to a DCM at a BB. I come from a credit analyst background, and I got pretty lucky with this offer. I start in a few weeks, and to be honest, I don't know too much about the bond markets. What should I do to best prepare myself for a DCM analyst role?...
Non-target monkey needs advice on how to network/recruit for a job in DCM
Soon to be rising senior 3.7 gpa studying finance and accounting at a non-target state school, just recently started taking my future seriously and have found High-Grade DCM to be of interest. Looking for advice on where to go to network and generally just how to get my foot in a door as a...
Hot Topic: Bachelor thesis in debt capital markets
Hi everyone, I am thinking of a possible topic for my thesis. I am mostly interested in DCM. I would like to research something that could also be useful on the job. Would anyone have any ideas or recommendations? Thank you all!
DCM Hours WFH and Senior Lifestyles?
We all have been hearing and many have been experiencing the long WFH hours across IB, but I was wondering how it has been in DCM specifically. From my understanding, DCM generally is one of the best groups for lifestyle, so I was just wondering how WFH for the DCM people has been. Also, how is the...
DCM FIG vs DCM Corporates?
What are some of the differences in skillsets from the two groups? If you had an option between the two groups, would you go with FIG or Corporates? I have the opportunity to join a DCM FIG group, but I am worried that my exit opps/skillset will be limited compared to a Corporates group. Is this a...
DCM at Big Bank or M&A at small boutique?
Hello everybody! Penultimate year student here. I've recently received these two internships offers in Europe (both in Germany and for 6 months): M&A at a small and quite unknown boutique (deals below EUR 20m) and DCM origination at a big and well-known European bank (think like BNP etc.). If my...
ECM/DCM Analyst about to quit
Hi all, I am a 1st-year analyst at a BB IBD Capital Markets Team (think ECM/DCM) looking for advice and perspectives on getting out - currently debating between recruiting for smaller MM IBD or re-recruiting by doing a master's degree (think LBS/LSE/MIT/HEC). Some background: Completed my summer...
ECM vs DCM Discussion
What are the differences between ECM and DCM in terms of work hours, exit opps, salary, etc? I am looking into a career in ECM or DCM and was wondering if anyone could provide input. Thanks!
DCM London/EU exit ops?
Hey guys, I know this is a topic covered quite frequently on WSO, but was wondering if anyone from EU can chip in if there any differences in exit ops for DCM in London as opposed to NA. Personally, I am not too fussed about PE exits, but how does DCM place for debt funds here? Other than treasury...
Suggestions for sophomore summer into junior year Capital Markets internships
I am a sophomore currently at Indiana University Kelley School of Business. I have become more passionate about capital markets (not sure DCM or ECM yet) over the past few months and want to take this summer to see what fits me. I have not had any professional experience in the finance industry but...
DCM Exit Opps --> Private Credit?
Hello, I am about to take a role in DCM and I was looking at potential exit opportunities. Based on M&I, it seems you could move into corporate treasury, corp banking, credit research, or maybe lateral to another group. I know DCM is not ideal for PE, but what about a private credit firm? Does...
Escape from DCM
I am a first year analyst at a BB (DB, CS, UBS) in London. I didn't do an SA anywhere (didn't even apply) and applied directly for FT. We were given a selection of team preferences, and despite having requested M&A/Coverage/LevFin I ended up in DCM. My friends in IB and this website both gave me a...
RBC FIG
Does anyone have any info regarding culture, deal flow, or comp? What subsector is the strongest in the group?
Capital Markets from MBA
Are there any banks that hire ECM and DCM directly from MBA programs? If not, how hard would it be to move over after a year or two in a coverage group?
Bank of America: ECM vs DCM
Hey, can someone let me know your thoughts on each respective group. I know the differences between what the groups do, but which would you choose and why
DCM - Energy companies - Bond Issuances
Hi all, please could you help with this. Given that energy companies have been significantly impacted (low oil prices, decreased demand), how would DCM teams advise their client companies on issuances. In terms of which currency to issue in, maturity of bond, type of bond, timing of issuance etc....
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