Background: 1.5 yrs in ABL at a BB covering a variety of industries: manufacturing, distribution, materials, consumer products, etc. mainly with sub-investment grade/distressed companies. Non-target; sub 3.7 GPA.
Any advice on how to position this experience to lateral into a 1st year IB analyst role? Is another BB/EB possible or is MM more likely?
My current responsibilities include:
Underwriting various transactions (proposed M&A's, restructures, divestitures, etc.) by evaluating different credit metrics (leverage, FCCR, debt capacity). Modeling is not terribly advanced (mainly cash-flow modeling w/ no need to build out 3-statement models for the most part).
Supporting managers with deal execution/documentation (due diligence, ad-hoc analyses, running requisite internal/regulatory-required processes), as well as executing amendments (i.e. credit facility increases/decreases, etc.)
Portfolio monitoring (a.k.a. interim write-ups/reviews, reviewing financials as they come in, addressing tripped covenants & hopping on the phone/scheduling F2F meetings with clients to address liquidity issues/existing & anticipated problems)
It's been a broad experience and great learning experience so far, but am not sure I want to commit/pidgeonhole myself to this field. My feeling is that my modeling skills aren't probably up to par yet, though I do know how to build things quickly/work my way around excel efficiently.
All advice/comments are welcome. Thanks.
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Anyone care to chime in? :(
Curious if you have explored restructuring, which is most relevant to ABL.
Have definitely thought about it for sure since we do handle our own workouts here in this group (financing DIP loans, dealing with different creditors/legal), but wouldn't it be harder to break into one of those groups as an abl/commercial banking analyst than an IB analyst?
Not if you have some workout experience and a solid understanding of the following:
To me, that experience resonates far more with Rx than traditional IB, where you'd have to switch your mindset and focus on enterprise value concepts.
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Cast a wide net and you should get a bite. This move isn't uncommon. Try to take more ownership in the processes. Wouldn't sweat the gpa, nothing you can do now. If you demonstrate you can be efficient, people within your network will recognize it.
Acquisition finance, levfin/ dcm and ratings. Maybe coverage in more capital intensive group. Might take a while to get there but doable
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