Hello,
I am about to take a role in DCM and I was looking at potential exit opportunities. Based on M&I, it seems you could move into corporate treasury, corp banking, credit research, or maybe lateral to another group.
I know DCM is not ideal for PE, but what about a private credit firm? Does anyone know about DCM bankers moving to private credit?
Also, are there any other really good DCM exit opps that I'm missing?
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You're probably better off trying to lateral to Leveraged Finance and then to Private Credit.
DCM rarely does credit work. Best exit would be debt syndicate or sales, or just staying on the same path till you make MD or group head.
If you want to get into private credit, leveraged finance is the top choice, followed by any regular industry group.
Is a lateral from DCM to LevFin at a different bank likely? Is it rare or common?
I lateraled from DCM to LevFin at a different bank. But:
- I worked in DCM for a year
- I worked mostly on high yield deals and did extensive credit and ratings work, so developed pretty good understanding on cash flows, covenants, how to analyze credit, etc.
- I also worked on 2 LBO financings with bond straight into the cap structure, so developed intimate understanding of a typical M&A/event-driven financing process
Above exp gave me the opportunity to be viewed competitively during the interview process.
I see. Question about your 2nd point. Isn't all of DCM debt investment grade? I thought high yield debt goes under LevFin?
True in North America, and maybe EMEA. Not necessarily in APAC (depending on the bank). FYI I worked in a US BB.
Very common to lateral from DCM to LevFin. I'd generally agree it is much easier to go from LevFin to Private Credit. That being said, not impossible to go from DCM to Private Credit.
Source: someone who did it.
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