DCM fees?

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.

MM IB -> Corporate Development -> Strategic Finance
 

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