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 IB - ECM and L/S Equities.
Thanks for the help.
Some Lev Fin Origination at BNP come from the Portfolio Management Team after the internship....
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:
• 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:
• 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:
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
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....
While BNP is not a BB they usually share the top spot in EMEA with JP Morgan.
It is not about the number of deals, but also which deals you are working on. Therefor comparing BNP with SEB, ING, HSBC and so on is wrong. Their competition is GS, JPM, CS (not anymore I guess?), UBS, Barclays, Deutsche and so on.
ING origination is better if you want to stay in FO
FO?
Depends. In which city is each opportunity? If some satellite office it might be worth taking a slightly worse role to be in a better city.
Both in Paris. Will take the origination One.
Would go with the Origination for the learning. Proof yourself and you get a safe job or proof yourself and move to a place like BNP. You are in a great spot and if your positions are not in London it will anyway be a bit more about the headcount of the small teams.
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