Was wondering how these businesses were more specifically divided — I know the roles are global capital markets versus global investment banking respectively but how do they differ in terms of exits/culture/responsibilities and skillset?
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BofA LevFin Origination vs. LevFin Capital Markets
1. **Divisions and Roles: - LevFin Origination: This group sits within the Investment Banking Division (IBD). They handle the origination and restructuring of leveraged finance deals. They have their own book of business and actively go out to win deals. - LevFin Capital Markets: This group is part of the Global Capital Markets. They support the capital markets aspect of leveraged finance deals, focusing more on execution rather than origination.
2. **Responsibilities: - LevFin Origination: Involves a lot of modeling, deal structuring, and advisory work. They work on buyside M&A financings, DIP/rescue financings, and general structural advisory. - LevFin Capital Markets: Focuses on pricing, markets exercises, and execution. They do not model or originate deals but support the capital markets aspect of the transactions.
3. **Skillset: - LevFin Origination: Develops strong modeling skills, deal structuring, and advisory capabilities. Analysts gain a well-rounded skill set due to the variety of processes they work on. - LevFin Capital Markets: Analysts here may not develop as strong modeling skills but gain expertise in market dynamics, pricing, and execution.
4. **Culture: - LevFin Origination: Typically has a more intense work environment due to the nature of deal origination and advisory work. - LevFin Capital Markets: Known for having better hours and a more relaxed work environment compared to origination.
5. **Exit Opportunities: - LevFin Origination: Offers better exit opportunities to private equity (PE) and other buy-side roles due to the strong modeling and deal experience. - LevFin Capital Markets: While exit opportunities are still good, they may not be as strong as those from origination due to the less intensive modeling experience.
In summary, if your goal is to develop strong modeling skills and aim for PE or other buy-side roles, LevFin Origination would be the better choice. If you prefer a role with better work-life balance and are interested in market dynamics and execution, LevFin Capital Markets might be more suitable.
Sources: Investment Banking vs. Capital Markets - How different are they?, Lev Fin Outlook & Best Groups 2020, JPM Lev Fin vs. BAML Lev Fin, Direct Lending vs LevFin at a BB
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