DCM YTD
Hi everyone.
It would be great if someone could compare DCM in January to DCM under the current environment and what DCM will look like if this is a V shaped recession (rebounding in summer months).
Thanks!
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Hey Intern in IB - DCM, I'm the WSO Monkey Bot and I'm here since nobody responded to your thread! Bummer...could just be time of day or unlucky (or the question/topci is too vague or too specific). Maybe one of these topics will help:
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Fingers crossed that one of those helps you.
Bump- anyone with high level market color/insight as we move through the year?
If you look at it through the lens of use of proceeds:
- So far this year has been dominated by almost a rush on opportunistic financing to build up liquidity cushion for corporates at the onset/through the early stage of the covid pandemic, and obviously refinancings given the low rates and the fact that Fed itself started buying corp bonds
- Expect to see some big tick event-driven/M&A and/or sponsor financings in select industries
- Refinancing activity will continue, and available for issuers not in distressed situation
- Dichotomy between the "haves" and "have-nots" - could see surge in downgrades/defaults/restructuring in certain industries most impacted by covid (especially the commercial real estate side of things), while others continue to enjoy unfettered access to super low cost of funding (e.g. the likes of Apple)
- Should equity markets continue its performance, issuers may opt to raise equity and delever rather than refi in DCM
Overall, DCM bankers won't sit idle.
I can do a separate reply if you want to discuss spreads.
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