Hi guys,
I'm really interested in Debt Capital Markets and Leveraged Finance in Canada and I was wondering if you guys could give any insight about it. How big are the teams for each, comp, exit ops, etc? I assume mostly the Big5 banks have teams in Canada, or do BBs in Canada do too? And lastly, what's recruiting like for these roles out of undergrad?
Thanks!
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Admittedly I don’t have much knowledge on this, but as far as I’m aware BMO/CIBC are the only Canadian banks that have a leveraged finance business in Canada (TD and RBC lev fin teams are based out of NY).
For undergrad recruiting it depends on the bank, but I’ve seen S&T recruits thrown into DCM.
BMO has two groups - sponsor coverage, which does mid market leveraged loans and rolls out of their commercial group and they have lev fin in capital markets which deals with US TLBs. They also have a BMO Capital Partners group that does sub/mezz debt for the mid-market. CIBC has a leveraged finance group that rolls out of commercial as well, but they do leveraged loans of all sizes (on their balance sheet, they don't arrange TLBs) and also do sub/mezz debt on the same platform. They do not have a capital markets leveraged finance group that arranges TLBs in Canada (this is covered out of their DCM desk in NYC). RBC has a mid-market leveraged finance group that deals with Canadian leveraged loans (but they don't get on nearly as many deals as BMO/CIBC) and a mezzanine group that does sub/mezz debt. CIBC is the only platform that unifies their senior leveraged loans and sub debt offering. There is no Canadian TLB market to speak of, so capital markets lev fin is very limited in Canada (high yield bonds roll in under DCM, but again that's a tiny market in Canada).
99% sure that the Toronto mezz team is focused on mid-market clients. RBC has a strong financial sponsors business in the US hence levfin team being situated in NYC (to answer your question, yes they are seperate from the ‘typical’ group).