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1st yr DCM analyst advice
Hi all senior monkeys, started my BB Dcm analyst couple months ago in HK, but was staffed in China team though my Chinese is not good enough for their standards. so I am staffed with Korean team stationed in korea and helping basic adhocs here and there but not looped to any deals from Hk team?.....
Bank Using Misleading Job Description?
I'm trying to make sense of a job description that I recently came across in my FT recruiting. The role is listed as an Analyst role in Debt Capital Markets at one of the Big Five Canadian investment banks. Reading through the job description however, it had much more of a regulatory emphasis and...
Modeling Floating Rate Debt - Best Practices
Hey Everyone, I work at a small MF shop and have had this question on my mind for the last few months. Im definitely no Leveraged Finance expert but do know my way around the basics of credit, debt & capital markets in general. If i'm modeling a development project and am projecting a two year...
relatively easier to get into? IBD vs DCM vs S&T
Hi everyone, I'm a final year student trying to break into banking at either Hong Kong or Korea. At this state of market, I really want to be strategic in terms of where I'll apply for the coming SA rounds and since some BBs have a quota in the application, I want to be extra strategic in whether I...
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...
Infrastructure: Straight into Buyside or stay in Investment Banking?
Recent grad here. I was extended two different offers (both in NY), one at a small PE shop focusing on renewable energy (~5 employees on Investment Team), something like $400m AUM with $1bn deployed cap, and the other was a DCM IG offer at a major Japanese balance-sheet-heavy bank (think Mizuho,...
To take the opportunity or stick it out in a role for a year that I already don't enjoy?
This is my first post to WSO but I ultimately don't know where else to get appropriate guidance with perspective regarding my career growth. I recently graduated from a non-target (that gets roasted on this forum often) with a 3.6GPA and participated in a few clubs and educational internships. I...
Debt Capital Markets vs Loan Structuring & Syndication Group
Hey everyone, I've recently got an offer to join the Loan Structuring and Syndication team at an investment bank. I was told however that despite it operates under the Corporate & Investment Banking umbrella, it is not regarded as an investment banking role. So, I'm just curious - what is the...
When to Transition
Hi All - First post on WSO and looking for some advice/ out-side opinions. Recently promoted to the capital markets lead at my current company (a private lender who targets > 90% sell though on all loans we originate), before I was promoted I was pretty frequently sending my resume to firms on the...
LevFin deal flow?
With the likelihood of a recession hitting soon and debt markets drying up, it seems that the deal flow in LevFin is pretty dead. I got an offer to join a LevFin team in August/September but due to the above, I am not sure if I should aim for another team? Do you guys think the deal flow will be...
Debt Capital Markets Outlook?
Rising sophomore at west coast school (low semi-target?). Considering starting my career in the capital markets, particularly debt. But I'm getting worried with all the talk of recession in comin months/years. I know ECM guys get fucked bc no deal flow, but do DCM guys also find themselves in a...
Real Estate on the side as a DCM guy?
Folks, I'm working a good old boring DCM gig (working both corporate and CRE debt deals) at a no name middle market bank. Pay is ok (in line with lower middle market bank pay). Hours aren't bad ~50 hrs per week. Work is boring and there are limited exits. I'm not being mentally challenged at work at...
Comp for First Year Analysts in Capital Markets D/E at CBRE/JLL/ Cushman
Hello, I am curious to see if anyone knows what a good base salary would be for a first year debt & structured finance (capital markets D/E) analyst would be.. Have some good traction going with one of these shops and am starting to think about the logistics. Also, what would I be looking like with...
Debt Capital Markets
What are top 5 topics/issues in Debt Capital Markets at the moment? Have an interview coming up with a major PE shop in the Debt Capital Markets Group. Any major trends? Major deals? What is exit for DCM role at the D level?
DCM intern to Coverage/M&A intern
I'm currently interning at one of the largest balance sheet banks in Europe (top 10) as a DCM - IG intern and I was wondering how easy it would be to find another internship but for coverage or M&A positions. As I am a bit worried that even though its investment banking it's not related to M&A and...
Capital One Commercial Rotation Associate Program
I have a Powerday (Capital One's Equivalent of a Super Day) in a few weeks for Capital One's Commercial Rotation Associate Program. There are opportunities to rotate through quite a few groups, including Capital Markets, Healthcare Real Estate, Commercial Real Estate, Energy Banking, FIG, and Middle...
Rothschild (LDN) M&A or Debt Advisory/Restructuring?
Hi guys, I've been fortunate enough to get a summer internship at Rothschild and I have to choose between either M&A or Debt Advisory/Restructuring (Rothschild put DCM and restructuring under the same group), but I don't know what to pick! I'm drawn towards restructuring as I find the debt analysis...
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...
Moving from no name MM shop to BB or upper MM
Hey Guys, I'm currently a DCM Associate (Analyst to Associate promote and went to a target school for undergraduate) at a no name middle market bank. I know there is stigma against DCM work, but I'm in it for the long run and like the hours/no weekends. Unfortunately, I don't think my bank will be...
DCM regulation, different than ECM ?
Hello, I am going to try to get into banking next summer, but for now I am working in a Fintech company that provides a software for ECMs, to take care of their documents generation (KIDs for PRIIPS for example). I am trying to determine if there would be such need in the DCMs (Debt Capital Markets)...
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...
How do the adcoms view DCM as work experience?
I am currently working within DCM at a BB, and I am thinking of going the MBA route in a year or two. For MBA admissions purposes, is DCM viewed like regular investment banking (coverage/M&A), or is it treated as a tier below it? Overall, would it be considered good experience for a M7/T15?
Deutsche Bank Leveraged Debt Capital Markets
Hi monkeys, I'm new to the industry here and I noticed Deutsche Bank have a Leveraged Debt Capital Markets team (LDCM). How does this differ from typical DCM and Leveraged Finance? I was wondering if anyone could shed some light on this as I haven't seen it in any other firms? Thanks
RBC Capital Markets DCM?
Hey Everyone, I see RBC Capital Markets is hiring a bit in DCM. Does anyone have any insight into what the day to day, culture, and work life balance is like? I figure it's typical DCM, preparing org materials, market updates, etc. Thanks in advance
Alternatives to REPE Acquisitions
Hey Monkeys, I've got a few years of CRE experience. I spent some time doing fp&a stuff, spent a year in REPE acquisitions at a boutique, spent a year as a debt/equity broker at a pretty well known shop / for a well known group, got canned due to Covid and have spent the last year-ish as one of two...
Mortgage REIT (mREIT) Financial Modeling
What is the best way for hands on practice with the debt side of modeling, particularly commercial RE debt? I recently purchased BIWS - they have a section on REITs but their financials differ from the debt side I'm looking for. Has anybody had luck with this? Would the FIG modeling suffice (just...
Debt Capital Markets
Really interested in this line of business. Can anyone who has experience in DCM explain to me the day-to-day? Also, does anyone know any non-traditional routes into DCM? Is commercial banking --> corporate banking --> DCM possible? Ideally perspectives for Canada would be best, but other places are...
Houlihan Lokey - Post-MBA Associate - Modeling Case Study
I'm a 4th year M&A attorney at an elite law firm looking to pivot into investment banking. I'm interviewing for a post-MBA associate role in Houlihan's New York office in their Debt Capital Markets group. I'm expected to perform a modeling case study over a few hours in my next session. Anyone have...
Debt Capital Markets Process Explanation
Hello, This is kind of dumb and I could totally look it up to try and understand, but, I thought I would also ask. I am looking to understand the role that DCM places in finance and how Credit Investments on the buy side relates? I just want an understanding of the over-arching process of issuing...
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....
Northern Europe - DCM
Hi, Really interested in DCM , thinking Northern Europe. What are some ways to prepare for entry level trainee/intern interviews. Apart from technicals, which news events should be focused on: Thinking: * ECB/BOE Issuances * Major Corporate Issuances * Being aware of base Interest Rates * Impact of...
Debt Capital Markets versus Public Finance
Which would you recommend at a BB as an associate? Munis seem to be having slimming margins but I'm not sure if that is the case with corporate investment grade. What are the differences in pay/hours at the associate level? Better outlook longer term? And which would be more...
Debt Capital Markets - Is it IB?
So I'm researching Debt Equity Markets as I have an upcoming interview for a Middle Market bank coming up. The title has Investment Banking in it but the research I have came across gives me mixed reviews on whether DCM and ECM are part of investment banking. Can someone elaborate? What type of...
Day in the life on the syndicate desk?
I have an outstanding offer to intern on the loan syndicate desk at a large regional bank, and I'm curious if anyone has any knowledge about the day-to-day life of an intern/analyst in this group? I understand that it is contained within IB DCM , but I've heard that it's closer to S&T than anything...
How to prepare for DCM analyst interviews?
Hello Monkeys, I've been working in a small HY shop since graduating (Bachelors, Finance). My current role is very much clerical, so I'm looking elsewhere for opportunities to further specialise and develop a deeper understanding of fixed income markets. Before interviewing I would like to know what...
"Everybody Has Choices"
Monkeys, Here is the situation. I am at at top 3 brokerage doing portfolio management of assets and have been trying to get into the deal side of CRE for the last couple of months. Good traction, but no offers. Now, there is an opportunity at a BB doing the SAME role that I currently do now. Yes, it...
Team allocation gone hugely wrong
Hi all, I am going to be interning in JP's London office within IB . I was given TMT , DI and the UK teams to network with and subsequently rank during the intern allocation process. I made my team selections last month and went for EMEA TMT , EMEA DI and then UK teams in that order. Issue is I have...
Does anyone have a 3 statement model with advance rate assumptions from a debt provider?
We are working with debt lenders, and need to see if we can sustain 70 or 80% advance rates from our lenders (which would require 20-30% cash used by us. I am in the specialty finance industry, and cash is our inventory, so we need to make sure these advance rates are sustainable.
DCM Path
I'm interested in going into DCM . Yes, I understand that it usually comes with a sacrifice in regards to exit opps. Any insight on whether or not the "path" of going into DCM is any different than it would be for M&A? Tips on internships, target schools, competition, etc. would be helpful.... More...
LATAM DCM interview
So I managed to get an interview for LATAM DCM analyst. I am currently in Asset Management. Is there anything I should be worried about other than know the CFA L1 section of fixed income? I just wondering considering that LATAM covers a couple countries, they may ask hedging questions? The...
Difference Between DCM and Citigroup's Capital Markets Origination?
What is actually the difference between Citi's capital markets origination and regular debt capital market departments at other investment banks? are they just the same? Citi Capital Markets Origination vs. Debt Capital Markets Citi Capital Markets is a hybrid between sales and trading and...
DCM and LevFin in Canada
Hi guys, I'm really interested in Debt Capital Markets and Leveraged Finance in Canada and I was wondering if you guys could give any insight about it. How big are the teams for each, comp, exit ops, etc? I assume mostly the Big5 banks have teams in Canada, or do BBs in Canada do too? And lastly,...
DCM Internship tips
Soon-to-be intern in DCM , how should I prepare as I have no previous IB-experience and know little about DCM overall? Of course some basic understanding is needed regarding what the division does, but what can I expect to do as a junior intern? Any advice and/or links would be appreciated?
Made it to a Bulge Bracket Bank
Great news. I finally landed a spot in DCM for the leveraged finance team of a very prestigious BB on the street. I literally started from the bottom, working my way up, and have been working at a mid-size to small boutique firm for the past year and a half. My old firm was super short on staff, so...
Making a move from Dubai to Wall Street
Hello all, I'm interested to hear fellow views on opportunities available for a DCM /Loan banker considering to move from Dubai to NYC . The reason for the move is for career progression. The monkey in question is yours truly. For the last 11yrs I've worked in DCM /Loan Origination and Syndicate out...
Debt Private Placement inquiry
Hi! - I just received an offer from a MM DCM team. Essentially, they serve as a broker between private companies looking to raise debt and club lenders (BDCs, PE , Credit Funds), and focus mostly on lev. loans/ hy debt. Is there anyone that can tell me more about these types of groups/how they...
End of LBOs as we know them?
Simply looking for thoughts on the impact and likely hood of these changes. The non-deduction of interest expense will obviously hurt cash flow and returns. To what extent will it impact the industry? Should carried interest be subject to the same tax, even though the risk is much greater than...
What do you mean by origination in sales & trading?
Banks have Sales desks, trading desks , but also lump debt origination into this S&T bridge. How does Securitization and DCM differ from S&T? What does origination even mean? If you are an analyst/associate working in Securitization/ DCM , are you working on deals like an investment banker? I'd...
Credit analyst to DCM?
Just started as a commercial credit analyst in a BB . Basically assessing credit risk. Obviously we do modelling, although only from templates at this stage. People who stay in this role tend to either move up the ranks within credit risk or become relationship managers. The work is interesting, I'm...
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