You always hear about top EBs and Boutiques on the street for coverage groups, M&A, and restructuring which is technically more of a product group than a coverage group. Haven't been able to find much, but was wondering which EBs or Boutique shops are best in DCM, Structured Finance, and ECM. And how their pay stacks up against their peers in the coverage and m&a groups.
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Interested as well. At the bank I interned at, cap markets is under ib so they get the same base (85k). Wondering if anyone can share specific numbers the differences in bonus.
I don’t know of any EB’s with DCM or Structured Finance teams as almost by nature of their value proposition they don’t lend to clients from their balance sheet. That said, EB’s will advise clients (usually through their M&A teams) on debt raises or bond offerings especially as the private debt market has grown to the extent that corporates and sponsors may be less reliant on bank financing. I know some of the EB’s and boutiques do have ECM teams - I know Evercore does and I know that many boutiques do, especially boutiques focused on Healthcare (e.g. leerink)
yeah I know Structured Finance will be harder because they're more B/S dependent, but figured a firm like Evercore could probably accomodate if they wanted to.
*SVB Leerink now has DCM capabilities with the silicon valley bank acquisition
Evercore's ECM has seen incredible growth the last couple years, same base pay as M&A. Their DCM and ECM have poached some top senior talent from BBs. The analysts have been working a ton there lately so would assume bonuses will be strong too
If you look at EVR's earnings releases, seems like their cap markets team is really pulling a ton of weight for the firm (triple digit growth due to COVID) so this year, their bonuses are pretty guaranteed to be great
I don't really know much about "rankings" because the idea of independent CM advisory is so nascent. I will say, as someone at an independent platform that is all-in on the idea of CM advisory to complement M&A and Rx, it has been going gangbusters and I really encourage anyone currently in CM to consider jumping platforms. Our team sits next to the corporates and walk through capital raising options, then run bake-offs and advise on creditor, underwriter or book runner selection, forcing competition between underwriters and the large credit funds. It's really interesting, especially in a post-covid era where it isn't just up and to the right all day everyday. CM here is basically in line with M&A in the sense that, we don't need to crank CM deals to feed the beast the way JPMorgan or Citi does, so the work usually focused on more complicated situations than vanilla raises. As far as comp, it is the same as M&A. We do not, as far as I know, hire into these groups out of undergrad (though generalist analysts will work closely with them) and usually look for prior experience.
This Moelis? Know they've made a bunch of hires recently.
Can I pm you? Interested in learning more
Where do people exit to?
Top CM teams are within BBs for some of the reasons listed above (B/S etc.)
Ofc they are. But I'm not talking about top CM teams in general. I'm talking specifically about CM teams at EBs/Boutiques.
check out lazard capital structure advisory. dope group
Can you elaborate on this group?
their website is pretty exhaustive
Not sure how people normally categorize it but Guggenheim does pretty at esoteric structured finance. Not sure abou pay.
Guggenheim is big into structured credit trading/investing. Haven't heard much on their cap mkts business within structured credit.
They do pretty well on the capital markets side for really esoteric ABS but unsure on CLOs and don’t really see them on more on the run securitizations. They definitely do a bunch of data center deals, some MCA, some whole business, and then they’ve done some oil and gas and diamond receivable and music royalty deals.
Anyone know anything about Evercores debt advisory?
Got same base pay as M&A in junior years, and separated from the restructuring arm, do refinancings, acquisition financings and recapitalisations mainly
Anyone know if the typical exits are available to capital markets analysts at EBs (lazard specifically)? Looking to get into a hedge fund afterwards
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