Books for interview prep in debt capital markets (at least capital markets related)
Hi
I am currently applying to various banks to land a full-time offer or a trainee position in the field of debt capital markets. Therefore I am looking for some interview prep books which cover the relevant material, especially HOW something is done in real life.
The reason for this is that during my preparation time for an off cycle internship, I recognized that the stuff you learn during school is too "theoretical" and is just done differently in real life.
Because DCM is often not as popular as M&A I cannot find good book recommendations.
So I would like to ask you guys, if you have any suggestions for me of books covering debt capital markets (or at least capital markets)
Thanks in advance, and regards,
mott






search capital markets or
search capital markets or bonds, mbs, etc. on amazon. Tons of shit comes up
Hi, thanks for your comment.
Hi,
thanks for your comment. But to be honest, I do not find any books that sound like the typical "IB M&A Interview prep" books which are written not for M&A but for the capital markets...
Do you have a certain book in mind?
wellto start off I'd just
wellto start off I'd just pick up a book on the different products on fixed income. Know them well so you can learn how they can express different opinions on interest rates.
After that you can start going into the dyanmics of the market.
The same type of stuff
The same type of stuff covered in other m&a guides will be very similar. Vault guide to PE and HFs might have some helpful sections too that cover leverage. It also depends on the group. At large banks DCM might be more syndicate oriented and you could be working on different types of debt, vs a smaller bank or debt focused shop where you'd probably focus on middle market companies issuing high yield or bank loans.
This primer on leveraged loans has a lot of good information and beyond the similarities to syndicating a bond deal, it's helpful for knowing the context of different financing alternatives when companies are levering up https://www.lcdcomps.com/d/pdf/LoanMarketguide.pdf
Get a book on doing lots of
Get a book on doing lots of pitching. Oh, wait, there aren't any of those.
Fabozzi will help, but really, DCM is just a lot of pitching. Understanding bonds helps, I guess.
Bump. Anyone who can
Bump.
Anyone who can recommend any good DCM book/resources?
There's no book on how to
There's no book on how to "do" DCM, people. Understand bonds -- how they are priced (spread over Treasuries), duration, price/yield relationship, etc... -- and the macro environment. But no book is going to tell you what a pricing call is like or what type of things to put in a pitchbook.
I see, thanks for the reply.
I see, thanks for the reply.