Do corporate debt and municipal debt have different fees? So if Walmart issues $1b in bonds and California does as well, does corporate have a much higher underwriter's discount typically? I know that tax exempt debt has an average fee of $5.50 ish per bond so .55%. Is corporate, on average, more profitable?
Also, if you wanted a career in muni debt you would obviously go into public finance. If you want a career in corporate debt, what does that fall under? Would a first year analyst be called fixed income analyst or DCM analyst?
Depends on the credit profile of the company or if it's a BE/UW transaction. For high yield, anywhere from 1.50% - 3.00%+ for $250MM+ issues depending on if it was best efforts or underwritten.
First year analyst would either be working in DCM or leveraged finance depending on the bank.
What would be the title of the position for underwriting high yield or investment grade debt? DCM analyst? I understand leveraged finance would be a thing by itself.
Yes, I believe that standard OIDs are in the 1.5-3% range, but since it is such a seller's market right now I have seen OIDs as low as 0.25%.
You are fucking clueless. The thread is about fees, not OIDs.
Please tell me more about standard OID.
Unsure about investment grade but at the current LevLoan market, 1st lien is generally at 99.0 , and 2nd lien is at 98.5
IG doesn't have OID...
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