Houston Summer Offer rates
Curious to hear what return offer rates were like, given energy is getting crushed. I know a lot of banks are wrapping up today
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“Oh look a thread I’m interested in has 18 new comments.”
giant argument about Jefferies
I summered at a bank that is similar to WF, but many on here rank them much higher on the “prestige” standard. I moved to the NYC office within the same group and recently started. I think I can offer some actual advice on this post because it really can be detrimental to college kids making decisions with a lot of this bullshit information.
WF is a strong energy practice. Quite literally, lead every single bank syndication and are bookrunners / arrangers on almost anything I have seen in ECM / Converts / HY. During my summer, they had just closed Buckeye / IFM and had won another huge midstream mandate over us.
I will also agree on JeffCo. They are truly dead. A&D is a completely dead space right now, and I haven’t seen them on any Midstream deal. In fact, I haven’t actually met or seen anybody from that office who actually does midstream. Do they actually exist?
I think Intrepid is in a prime position to truly flourish. Incredible industry connections through Skip and a built out RX practice, which is already paying dividends through CHK. I would group Petrie in the same boat.
I think Citi is going to do well. They are what my firm, and Wells, aspire to be like. Leading lending practice combined with strong ECM and even stronger M&A. A large team that has incredible industry connections + Trauber.
I think Evercore and TPH totally fucked. The most bloated banks in HTX. Relied almost exclusively on sponsor driven m&a, which is now completely dead in the water. They don’t lend and TPH is non existent in RX and Midstream. EVR saving grace might be midstream M&A, but that market is dead right now too. Midstream companies need debt, not advisory right now.
In terms of offer rates, my firm offered 4/5 in Houston. I know EVR did not offer 100% nor did WF, Citi, and Goldman.
Absolutely nothing you said is correct whatsoever. Either totally making it up or delusional.
Anyone who claims Jefferies doesn't have a leading midstream practice is either a 1st year analyst or doesn't work in Houston. Jefferies killed it in midstream in 2017, 2018 and 2019.
2017 - Medallion / Eagleclaw 2018 - Lucid / Brazos / Discovery 2019 - SemGroup / Oryx / Momentum
Jefferies got both the M&A fee and staple financing fee.
In terms of energy restructuring, Evercore has a majority of debtor mandates, especially for the sponsor-backed companies. Just because it's not in the news doesn't mean it's not happening.