HELP!!! Leveraged Finance Internship BNP vs ING

Hello,

I need your help for an internship choice in Leveraged Finance, with the idea of doing LevFin Origination/Private Debt on the long term (in Europe/London)

1) BNP Paribas Leveraged Finance Portfolio Management (6 months)

2) ING Leveraged Finance Origination (6 months)

BNP is a top shop in Europe for LevFin & definitely a better name. The internship is about managing the LBO exposure of the bank and is a front office role. I also have internships in IBECM and L/S Equities.

Thanks for the help.

 
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Here's the BNP internship description, the ING is the typical Lev Fin one. 

CIB - GLOBAL BANKING - LEVERAGED FINANCE PORTFOLIO ANALYST

Main activities:

• Participation in the analysis and follow-up of LBO portfolio:

  • Work on internal credit paper and presentation to analyse: sector risks, companies' and peers' performance, leverage level, quotations on the secondary market

• Involvement in annual credit file review:

• Take part in the follow-up of risks through the elaboration of a quarterly review on the portfolio transactions' performance:

  • Update of financial results and ratios calculations;
  • Performance analysis

• Participation to pitch to client (new LBO transaction, refinancing, extension, restructuring)

  • Presentation of company (products, markets, risks, SWOT, cash-flow generation);

  • Presentation of proposed financing structures;

  • Liaising with M&A department.

Benefits:

This internship is a great opportunity to enhance both capacities and knowledge in corporate finance as well as LBO financing, within the Leveraged Finance team of one of Europe's top bank in this field.

This internship will help:

  • Consolidate technical skills (financial analysis, risks analysis) in a demanding environment, under time and performance pressure.
  • Confirm interest in investment banking and Leverage finance while working for a top-ranked team within Europe's leading LBO players.

Profile:

  • Top-tier Business Schools and Universities with major in Finance, HEC, ESSEC, ESCP, 

  • Preferably a gap year internship or an end of studies internship.

Skills & knowledge:

Technical skills

  • Having significant experience (i.e. long internship min 6 months) in finance, investment banking (e.g.: credit analyst, structured finance analyst, modelling etc.), private equity, audit or transaction services
  • Good Knowledge in finance and accounting, modelling skills appreciated
  • Strong analytical and technical skills
  • Fluency in French and good "professional" English (written as well as spoken)

  • Proficient with Word, Excel, Powerpoint and Access

Soft skills
- Rigorous, autonomous, willing to learn and entrepreneurial
- Strong communication and interpersonal skills
- Ability to work accurately, achieve deadlines is important for this role

 

Not sure how BNP LevFin Portfolio Team works, but I am at ING LevFin origination team. Our portfolio team is doing the annual review now, and it doesn't seem like the more interesting work compared to the origination. There are more A&E deals recently, so you may participate in more client calls with your portfolio team. But I'm not sure if you will really do models there and do as much credit analysis you would otherwise do at the origination team. 

 

Thanks for your reply. My question was more strategical: I also want to do origination. The VP who interviewed me at ING started in portfolio at BNP then moved to origination. My question was more like going to BNP portfolio for the brand name and then move or go with ING? Is it difficult to move from portfolio to origination given my past experiences?

 

I don't think BNP LevFin is better enough to take its portfolio role over ING LevFin origination. At least in my region (not France), other than the BB, I only see UniCredit doing apparently more LevFin deals. The other banks like BNP, SEB, CA, ING, HSBC, SMBC don't make a big difference to me. You would still be invited for interviews from debt funds like Arcmont, Ares by working at ING LevFin, although these funds may prefer people already with PD experience or from BB

 

Well, according to Dealogic, BNP is top 3 this year besides BB and top 2 in 2020 in Western Europe. Number 1 in France always....

 

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