DCM-Groups Explained?
Hi,
Looking to get a better understanding of the origination side of DCM.
AFAIK, at my bank there are three teams that do orgination:
CORPORATES
GOVIES
Apart from the top two dealing with companies and the bottom one dealing with governments, is there a fundamental difference to the work? If you had to join one which would you choose and why?
Do you think these have decent exits (credit, macro, multi asset funds)?
Differences are called SSA, Corporates and Financials.
SSA (Sovereigns) is the most boring, well known in the industry. If you like winning business go for corporates, most fun and complex. Exit is limited, close to none.
Why close to none? Seems a good deal if you want capital markets at a corporate or exit to a L/S or L/O that also trades Credit. Did some looking up on LinkedIn and that does seem to happen regularly
DCM have 0 exit opportunities and that is the reality, you will never exit to L/S or L/S or some credit HF,
An additional question; How does Non-investment grade DCM differ, when the bank also has a sponsor/leveraged finance group.
Non IG DCM is just the lev fin group
Yup, Lev Fin deals with non-IG debt. Depending on the bank, Lev Fin can be involved in the modeling. One thing I didn't know before starting is how much Lev Fin deals with lawyers / legal docs e.g. Credit Agreements, Offering Memorandums, etc. It's pretty dense and can be confusing but is also quite interesting at times.
I understand that Non IG DCM is usually lev fin, however the bank I have an interview with has a vacancy for both NON IG DCM and a vacancy for Leveraged Finance/FSG. Therefore, I am wondering if there is still a difference.
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