DCM: Origination vs. Syndication
Hi everyone,
Could anyone explain the difference between Origination and Syndication? There seems to be some overlap, but my understanding of the two at the moment is as follows (and I'm unsure if I'm right):
It seems that origination pitch for deals, feed market updates to potential investors, but also play a part in price guidance. Apparently they also play a part in organising the roadshow and other marketing efforts.
From my understanding, syndicate teams also play a large role in the actual book-building process, taking orders from investors and liaise with the investor side more to assess the appetite.
A clearer explanation into what the two groups specifically do would be great!
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