Corporate Banking: Leveraged Lending vs FIG
Going to intern at a Canadian 5 bank this summer in corporate banking and have an upcoming sell day to choose groups.
The two groups I’m considering are leveraged lending and FIG...maybe trading products too. I’ve been told that lev lending offers the best exits to IB (LevFin), but I’ve also read that bigger banks are losing out on leveraged deals to smaller lenders/BDCs because of the stringent risk controls at the bigger banks. I’m concerned about the longevity of leveraged lending at a bigger bank in regards to losing deals, and in the event of an upcoming recession.
Would FIG be the better choice? Or Trading Products? My main goal is to leave my options open to exit to IB if I choose, and maybe PE/HF if I can swing it from CB. Lev lending obviously works with PE firms and their portfolio companies, Trading Products works with hedge funds and others, if the networking I get with them would be any good in getting myself into one of them. Any thoughts on the best choices for exits and the longevity of lev lending?
You're right on the exit opps - and sure, there might be risk of lending moving out of banks but in 2-3 years you'd have acquired enough skills to make that transition too
Leveraged Lending would be a good choice. I would personally avoid Trading Products, the work they do is not very relevant to the work you would actually do at a fund.
Other good options would be Project Finance (if you're at the firm I think you're at) as it's pretty modelling heavy or Metals & Mining.
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lev lending -> levfin at bank
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