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BB - analysts will 99% of the time get a deal toy for M&A, IPO, or a large lead left debt/secondary equity offering, and they usually design it too. Every now and then the client will get pissy and not get one at all, but at least at my firm the analyst getting one is more important than the MDs who have 500 of them.

Average analyst in my firm has 3-4 deal toys by the time they leave

 

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