Difference between Global Markets Solutions and IBD?
Can someone please explain the difference between GMS and IBD, particularly as it applies to Credit Suisse's business? I can't seem to understand the difference.
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GMSG hosts the equity and fixed income capital markets groups for execution and some origination (sourcing) of capital markets deals.
The teams there ( Equity capital markets, Investment Grade, High Yield, Foreign Exchange etc etc etc) collaborate with the banking coverage teams to source and do deals.
GMSG sits between IBD and S&T. They get feedback on how trading and sales are actually doing, in order to bridge the chinese wall between advisory and the markets as well.
typically however, the IBD teams are the actual coverage officers on a day-to-day basis, however.
This is typically the case at most banks, since most day-to-day coverage officers do not have the degree of specialization to be knowledgeable on actually doing a capital markets offering. They might know about how its done, but not how to actually do it.
good explanation
What would their day to day activities be? Do they do any valuation or modeling? It sounds like they do more of a reporting between S&T and IBD business. What are the skillsets learned in this group?
Thanks
how is it at other banks? specifically, does GCM at MS do pitching etc?
Run a goddamn search.
I did run a search but the results are still very generic. If anyone has any specific details to what the analysts at GMSG do on a DAILY basis, please reply.
Thank you in advance
LOL
Say your coverage banker is pitching an M&A of company Y to company X. Company comes back and says sure, but we need US$100mm (unlikely as the coverage / M&A guy will probably have pre-empted the 100mm raise but use this as an example)
Having said that, the coverage guy will go to his ECM counterpart and ask for some pages on how its done. The most likely work you will do as an analyst will be similar to M&A analysts
1) Quals 2) Transaction overview (sizing of transaction, indicative discounts, liquidity analysis, etc) 3) Look over the model from banking 4) Research vetting call with the analyst 5) Reconcile 3 and 4 above and try to have a credible story to spin to investors about the use of proceeds / this company for the equity raise and find target investors (AKA Marketing strategy) 6) Add any other information like regulatory / venue-specific listing requirements 7) Coordinate with lawyers to get prospectus, placement agreements, etc all that stuff done
This is just a short list - there's lots of other sht that you'd get a chance to do but in some respects the work is similar in others it is quite different
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