I've been talking to some people in lev fin groups who have said many 2nd year analysts go on to work in the financial sponsors coverage group for their 3rd year (assuming they get the offer to promote).
Does this happen with any regularity in the ECM/DCM space of capital markets or is it mostly a function of lev fin working closely with the financial sponsors group?
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It's what you said; the fact that the two groups work in tandem on deals. ECM/DCM won't give you the modeling toolkit to make that move (a move from DCM to LevFin isn't unheard of, but it's tough), you'll need to study on your own.
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