Credit Suisse IBD Corporate Lending
Hi. Secondary account here.
Has anyone had interaction with these guys before? I'm trying to understand what they do, as it seems to be a mix of stuff that is split between multiple groups at other banks.
Job description is here: onewire.c0m/p_2935-Corporate-Lending-Analyst.aspx (replace the "o" in com; new users cant post links)
Based on the description, they seems to be doing some mixture of traditional DCM/lev fin, corporate banking, underwriting, credit portfolio management, and risk management. (all of which are separate functions at my bank currently.)
So what's the deal here?
Thanks all
It's pretty clearly corporate banking, with the exception of pricing. That does sound like they blend in DCM a bit.
It seems to be just the portfolio management aspect of corporate banking, though? I thought this was called credit risk management. But they seem to refer to CRM as a separate entity.
The pricing aspect also confuses me, because where I am now...lev fin exists solely to do pricing (and literally nothing else)
When the bank does a deal, say Sponsors is doing a deal for a PE shop, CS will underwrite the deal and then syndicate out the debt. This group will work with the client coverage group (in this case Sponsors) and attend all meetings with DCM, Sponsors, Investors, and the client the deal is being done for so that CS' credit risk is being monitored correctly. In some cases CS will keep a portion of the deal on its balance sheet, but regardless the underwriting presents some risk to firm balance sheet which must be monitored and that's what this group does.
So, NYU, you are agreeing this is the portfolio management and credit underwriting function?
Everything it says about working with clients and originating is non portfolio management. If it makes you feel better, that is considered more "prestigious" than credit portfolio management.
Many FO i-bankers refer to corporate bankers for syndicated loans as "corporate lenders," basically just a synonym for the same thing. They are maintaining the client relationship between the i-bank's loan syndications (IG or Leveraged) team and the Company. In this process, they are doing some technical work in understanding risk associated with the Company (ie is a capital markets pitch even going to get approved by the Risk team) and some other light due diligence/understanding of the Company.
Would this role or credit research at a big 3 rating agency (IG & HY focused on one sector) be better for moving into a IB analyst role.
NYU mountainvalley
bump. Have an interview with them next week
Hi apali90, is that for a summer position?
No this was for a full time position
It's basically their corporate banking division. Some banks have it under their IBD umbrella, others break it out as its own division. I interviewed with them a few months back. PM for more details.
can someone explain to me the difference between corporate banking and leverage finance? Aren't both just raising debt for corporate clients? Is the different than corporate banking debt is considered all bank debt and lev fin is all bond?
Corporate Banking focuses on Revolvers and Term Loan As (very senior secured debt). These are also called "relationship loans" because their main function is not to generate revenue, but more for relationship purposes that will position the bank favorably when it comes to the real revenue generating products (M&A, ECM, LevFin etc.). This is usually what allows banks with large balance sheets to competitively compete in M&A mandates against the more traditional M&A firms (GS/MS/Laz etc)
Leveraged Finance focuses mainly on Term Loan Bs (1st lien / 2nd lien), and HY bonds (Senior Notes / Subordinate Notes) and every debt product below that in the capital structure (Mezzanine w/PIK etc). Unlike the corporate banking products (Revolver / TLAs), LevFin products are actually revenue generating and are the main products called upon in an M&A situation (LBOs and the like) as well as any fancy financial engineering that PE firms frequently pull off (dividend recaps, refinancings with a change in terms etc.).
Banks with large balance sheets (Citi/JPM/BAML/WF) usually have huge separate departments for their Corporate Banking divisions, since they have the capability to lend as much as they want (TLAs/Revolvers) even if they generate little to no revenue, and also because these relationship loans play an important role in their ability to secure revenue-generating mandates (esp. M&A and the financing mandate that follows it). Banks with smaller balance sheets usually just have their LevFin department cover both the Corporate Banking products (TLA/Revolvers) as well as the traditional LevFin products (TLBs/bonds/Mezzanine). Of course it varies a bit for each bank, but generally it works something along those lines.
Hope this helps.
also want to know more about this and the interview process!
Credit Suisse Corporate Lending summer internship (Originally Posted: 02/26/2016)
I didn't know Corporate Lending fell under the umbrella of IB but I got a interview coming up.
Has anyone gone through with this process that doesn't mind sharing some tips?
Some interview questions that were asked when you applied? What kind of work/life - salary - team can I expect?
Thanks in advance.
bump??
just had my interview with them - did you?
Credit Suisse IBD Corporate Lending Group (Originally Posted: 03/05/2016)
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