Admin Agent Pro Rata Deal or JLA institutional?
Have any leveraged finance bankers considered moving to a regional firm for greater work life balance?
I was talking with a recruiter about opportunities in my hometown for a smaller bank working on capital markets opportunities. Below is what the recruiter told me would be resemblant of average deal profile at the regional bank vs a capital markets oriented IB:
For the pro rata deal (regional bank), the average deal size is $100mm. 75bps arranger fee. Done on a best efforts basis. You would be acting as a lead bank for a 2-3 week process (marketing materials, lender q&a, closing).
For the institutional deal, the average deal size is $1bn. 225bps arranger fee. Done on an underwritten basis. You would have to produce an internal memorandum to seek committee approval as a JLA (no active process).
My initial thoughts is to take the institutional opportunity. As you would have to run three active syndication processes to achieve the same fees as one JLA.
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