Hi all, I was trying to learn more about convertible bond issuance group in IB but could not find a lot of information on the forum, and hence this new discussion.
-What are the works like in this group -Is it highly technical (like M&A, industry groups...) -Are the skillset highly specialized or could be applied elsewhere and therefore the chances for lateral moves -What are the exit opps, what is the chance for lateral move to groups like M&A or Levfin and hence PE later on. Many thanks.
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no convertible guy lurking around here?
I work with the group often, so maybe I can shed some light. They usually work under the ECM umbrella and juniors sometimes work on normal ECM deals if that group is working on a lot and the converts group is slow. It’s usually industry agnostic since the product is more niche and the issuers will mostly be HY names or names with no credit ratings at all. From what I can tell, they do 3 things - 1. Assist with structuring and pricing 2. Assist with execution and controlling stock price after execution since it’s dilutive and no cfo wants the stock price dipping 5% at launch 3. Limiting dilution through derivatives that can be bought in conjunction as a package I don’t think there’s modeling involved but there is definitely a lot of technical analysis going on to figure out pricing and whatnot. There’s only a few banks that are strong at converts but I think the experience would translate to normal ECM as an exit opportunity
Bump
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