Difference between bond origination and bond syndication, and additional questions

Hello,

I was hoping that someone could shed some light on the differences between bond origination and bond syndication within DCM. As far as I understand it, origination pitches to clients and manages relationships with issuers. Once a mandate has been won, origination will then market the bond and attend road shows etc. Syndication actually prices the bond (based on modelling and market sentiment), builds the book for the primary market, and executes the issuance. Is this correct?

Also, what are the exit opps, hours, and salary like in bond syndication? I assume that exit opps are relatively poor, hours are better than IB, and base is similar to IB but with a lower bonus.

Also, what kind of interview questions should one expect for a bond syndication interview? Would an understanding of the following be good preparation:

bond pricing methodologies, sensitivity, duration, YTM, different bond types (vanilla/covered/callable/hybrid), rate swaps/options, CDS hedging, FX hedging, current rates and forward guidance, general factors affecting the yield curve on both ends.

Thank you.

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Mar 12, 2018 - 3:42pm
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