DCMs cleaning up on all the IG debt issued this month?
So are DCM bankers going to be big bonuses based on all the debt being issued to shore up balance sheets?
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Crap... "get" big bonuses...
Debt capital markets related functions will get a ton of work for the foreseeable future- including IG and HY market- don't know how it translates into bonuses but the teams are busy from the people I have spoken to, and they project they will continue to have work come in.
So do ECM people get pulled over to do DCM during these times? Or are ECM people not "trained" to do this kind of work?
In my BB bank ECM and DCM are two different groups and there is no crossover. Not sure about other places
Thanks. So at times like these, what do ECM people do? Work on IPO's that have been put on hold?
twiddle their thumbs and wait for rescue rights issues to start coming in
Current college student here trying to get handle on the IG issuance market. Can anyone speak to why, despite all this market turmoil, IG issuance has been on fire in March? Seems to have been a record month behind last September. I would assume its based on even lower rates, and I believe I read companies are looking to clean up their balance sheets and have ample liquidity for the coming months in light of a potential recession / steep slide in production. More so working capital needs and not necessarily CapEx/M&A. Would assume companies will be looking to refinance over the coming months as well? If anyone has any other insight and could provide some color it'd be appreciated.
HY market seems to have dried up completely.. especially in EU. If we slide into a recession, what do the LevFin guys do, just sit on their hands or maybe some re-financings? If HY issuance is this low now, I doubt many investors will have the risk appetite for more B3/B- debt, unless the desperation for yield is that strong..
I've heard HY market has already opened up
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