I have an offer from DCM (IG loan) at a BB, and IB CLO at MUFG. I don't know what I want to be doing after my analyst stint, but was wondering which would set me up for a good long-term career.
I know in DCM, you don't do modeling whereas in CLO, I think you get decent amount of exposure to it. However given that DCM spot is from a big balance sheet BB, I was wondering what your thoughts are! Thanks!
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In both cases you could try moving to levfin; the CLO team might give you the chance to recruit for CLO arms of buyside shops but you’re probably better off with a levfin stint before (for other options)
Then would being at a BB be easier to move to LevFin?
You’ll get tons of modeling experience on a structuring desk for CLO. Just different kind of modeling. Structured credit is a sweet niche in finance that I think goes overlooked. Buyside seats are gold
Would you then recommend MUFG in this case, despite being slightly lesser of a brand value compared to a BB?
How are buyside seats gold? Hear a lot of mixed reviews on structured finance buyside seats… unless you’re a deep credit guy, which is not exposure you’d really get on a structuring desk, you’re likely handling just the bond math side of things. So taking a high-level view of rel val, the broader market, dialing assumptions on prepayment / reinvestment success / defaults / etc.
From what I hear the credit guys make bank, the pure play CLO guys do okay but certainly not gang busters (a good pure CLO guy topping out at 450k).
Just my impression though, would love to hear your side
I'm on a ABS desk and just keep in mind that "modelling" on a structuring desk is different to modelling on a High Yield or Lev Loan desk for example, just keep that in mind. Congrats on the offers anyways.
Oh okay thanks for your insight. So you're saying it's different from the typical financial modeling skillset that is carried out in coverage/M&A/Levfin teams right? Would you mind sharing some light on the differences between modeling done in CLO/ABS space vs. IB?
You basically predict asset cashflows and try and structure liabilities to price tight as possible (spread or coupon if fixed v floating). Subject to the market and rating agency analysis. Basically lever as much as you can (talking more so for CLO) and make sure it passes rating agencies.
Documentation is a beast of a different animal- PM me
both are solid choices, depends on what you want long term. If you want an MBA or exit into something that's not finance related I would take the BB role. If you want to stay in credit (which is very very lucrative), pick MUFG.
Thanks for your response, appreciate it. Could you explain why I would choose BB DCM if I were to do something non-finance? I think many people on this thread have said that DCM is rather a pigeonhole.. ):
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