Debt Capital Markets

Question

Really interested in this line of business. Can anyone who has experience in DCM explain to me the day-to-day? Also, does anyone know any non-traditional routes into DCM? Is commercial banking --> corporate banking --> DCM possible?

Ideally perspectives for Canada would be best, but other places are good too. Thanks!

mayanksmom · Accepted Answer

I have zero insight on the Canada bit. I had an internship doing A/R for local providers and did FT recruiting. Several people on my team moved from different functions of the bank (corp, back office etc). So, not too hard if the firm you are at promotes internal mobility. It is market hours based (in before 7am), so roughly 65-70 hrs/wk with weekends off. Typically, I start my day by looking at my emails, fielding any requests from corp/IB/other teams and catching up any overnight news. There are daily calls before markets open with the traders and syndicate.

mayanksmom · Answer

Hey, I respect putting in 1 year before switching, it goes a long way imo. I would def bring it up at your year-end with whomever that may be with to express that interest. I believe most firms want to retain talent. Maybe have a few reasons why you're interested, but none of those reasons should be disparaging your old team. Conversation should be talking about how you have enjoyed your first year and established a solid baseline with transferrable skills, the similarities that you see b/w the two groups, and what value-add the new group will have to your professional development.

DollarKeepsRaining · Answer

Canadian domestic DCM is tiny - deals rotate pretty much amongst the sovereigns/quasi-sovereigns and select big corporates. Most, if not all, are repeat issuers. The set of investors (on the other side of the trades) are also quite stable.

mayanksmom · Answer

Def possible. I have had few of my analyst class switch within 3-9+ months (other firms/groups). I think it is really network-dependent for the guys that switched sooner and the hiring need. Looking at other firms, I would say feel free to start applying around 6 month mark because, unless there's an immediate need, these processes can take 3-6 months. Internally, especially if internal mobility is promoted, communicate your interests to whoever you have your mid-year/year-end review with.

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