Capital Markets Group - Detailed summary
Can anyone give me a detailed summary of what the Capital Markets Group does and how they work with the IBD and Sales & trading group?
Thanks in advance.
Can anyone give me a detailed summary of what the Capital Markets Group does and how they work with the IBD and Sales & trading group?
Thanks in advance.
+344 | What to expect during your IB summer internship and how to secure the full-time offer | 23 | 3h | |
+196 | Career Bankers, Was It Worth It? | 67 | 15h | |
+159 | Biggest gripe in IB: people with no balls | 40 | 1d | |
+145 | MD Can’t Unplug | 40 | 1d | |
+140 | 2nd casualty of BofA, 25 yo credit trader | 48 | 20m | |
Am I insane? (NEED ADVICE) | 42 | 4h | ||
+64 | BofA Assoc who died had sought to leave, citing long hours | 16 | 1d | |
+47 | Is banking more tolerable in Houston? | 30 | 27m | |
+41 | Deciding Between Duke And Berkeley (Haas) Undergrad | 27 | 23h | |
+36 | Another BofA trader died? This is insane... | 24 | 1d |
Career Resources
I'll speak for DCM as that's where my experience (6 mos.) lies.
DCM, like ECM, is a product group. So essentially, the IBD industry groups cover the companies and when they need to do a debt issue (our group does both HY and IG), they hand them over to us. We advise clients on market timing and issuing structure and then we line up investors to try and guarantee the offering will be a success (most of our transactions are sold on a best-efforts basis rather than underwritten). So we work with IBD in order to know the client from a micro perspective and we work very closely with traders to gauge investor appetite (size and tenor of issue) and appropriate pricing levels. We also work closely with the swaps desk, either for asset swaps or currency swaps. That said, we do a lot of our own client coverage at the CFO/Treasurer level.
Given that we do so much of our own client coverage, we do a lot of pitching, either to win mandates that we know are coming up (i.e. prefunding maturities) or to pitch new ideas to clients (say, calling their subordinated debt in the UK and issuing senior debt in the US). So at the junior level, it's a lot of data dumping/pulling to create charts for presentations, but as you move up the ladder, the work becomes extremely client-focused -- you're advising clients and strategizing. Our group is much closer to an IBD group than an S&T group, both in terms of hrs per week (7am - 9pm on average, though no weekends) and the type of work we do.
Brisbane,
How does compensation compare to IBD?
Thanks for the input Brisbane. What would you say are the benefits of working in DCM rather than a IBD or Sales & Trading group? What specific things have you experienced/learned that someone in a IBD wouldn't be able to experience/learn?
Aut et nihil qui esse quaerat delectus. Aperiam odit iste qui libero voluptas laudantium voluptates. Quia beatae ut qui at necessitatibus. Sequi voluptas accusamus ut.
Ut consequatur voluptatibus aut similique corrupti rem. Facilis occaecati minus omnis fugiat quae qui. Ea dolorem perspiciatis ducimus praesentium atque. Quisquam qui commodi maxime perspiciatis. Aut error et reiciendis odio vel nam non. Vel vitae corrupti esse delectus deserunt natus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...