Day to day in a coverage group?

Question for those working in a coverage group where the bank has a dedicated M&A team. What is your day to day like? From what I have heard, almost all of the modelling is done in the product groups. What is your involvement in a M&A process, aside from the industry research, comps, precedents, and drafting teasers/CIMs? Who manages the DR, process letters, and negotiations between interested parties?

I'm asking as someone from an independent that doesn't break out M&A from coverage groups, so I've gotten exposure to the entire deal process. In terms of tasks, where is the line drawn from the product and coverage teams?

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