I'm a 1st year analyst at a debt group in a MM bank. Recently I've been hit up by headhunters and some internal company recruiting-type stuff. My problem is that, given the credit market nosedive toward the end of the year, I haven't closed anything. To compound the problem, my group is energy-heavy, making market conditions even worse.
While I've almost completed three deals where I've been involved in everything from the pitch to receiving term sheets, all three have been aborted because the term sheets received have been way worse than what was expected (as far as I can tell, due to deteriorating macro conditions not poor execution.) This is in addition to myriad pitches / one-offs / etc.
Is it still reasonable to try buy-side recruiting at this point? Not sure how legitimately I'll be viewed without any closed transactions, but if I wait longer I'll have totally missed the boat (I know MF are all done, but I'm targeting LMM realistically). Any suggestions on how to approach this?
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