Newbie question. I read an article today about New York Times issuing a junk bond, and the underwriter is Barclays. Within Barclays, is it the DCM or LevFin division that did the underwriting work?
Thanks
| +185 | Americas M&A League Table Q2 Updated | 75 | 1h |
| +134 | New Article: Dramatic Slide as UBS #22 (US) & New Leadership Desperately Needed | 28 | 55m |
| +114 | Restructuring: Anti-climactic Experience | 30 | 1h |
| +84 | IB Net Worth / Savings Check | 34 | 2h |
| +74 | A COMPLETE GUIDE TO SUMMER INTERNSHIP RECRUITING | 12 | 2d |
| +51 | Boutique firm wants access to my LinkedIn? | 40 | 1d |
| +39 | Investment Banking is Hard | 17 | 1d |
| +34 | Woman who emptied Knicks trashcan on street then stole it was DEI exec, worked at JPMorgan Chase | 10 | 3h |
| +31 | PWP vs BofA | 23 | 9h |
| +27 | Who pays the highest right now? | 14 | 9h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
If it's junk bond (i.e. non-investment grade), the Leveraged Finance team will do the execution.
LevFin teams primarily deal with 3 types of deals:
Ideally, the best experience for an analyst is deal type #2, but unfortunately, most deals are of type #1. Type #1 brings in a lot of money for the bank, is a stable and recurrent deal type, and has high likelihood of closing whereas the same does not hold true for 2 and 3.
This is why LevFin does not necessarily translate into a great analyst experience, especially if the team has so many corporate issuances that the analyst do not have time / the skills to model out financials.
thanks big guy
Then, what does DCM do? like underwriting investment grade bonds?
Exactly, although some versions are blurred depending on the bank.
Incidunt cupiditate in sunt pariatur exercitationem. Reprehenderit minima inventore quia facere dolore suscipit quisquam. Commodi quis nihil maxime non voluptate quis aut.
Tempora vero nihil ea voluptas non rem mollitia omnis. Vitae quo velit ratione qui commodi tempore. Animi molestiae aut vel rerum. Dolorem ratione autem optio sapiente numquam sapiente omnis nihil.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...