I work in a very small boutique doing DCM/project finance. On deals (bond issuance) its just me and the MD working on deals, with some help from our in house lawyer to deal with the transaction documentation. Between us we do everything from origination, structuring the debt, modelling (if applicable, sometimes the financial advisor is someone else), creating the investor presentation, managing the whole investor due diligence process, managing the credit rating process (if applicable), closing the transaction.
What I'm wondering is how these sorts of projects would be done at large banks with large headcounts, are the deal teams still very small or are parts of the transaction spread out over a larger number of people?
Canadian perspective we are probably leanest team in Toronto but generally its one MD, one associate and maybe an intern/analyst for an FA role. Then another MD with an associate handles the UW to prevent COI. If just an underwrite then just the MD and an associate and we bring in some senior level guys at the end just to give a view on pricing.
We generally do not involve inside counsel from the bank as our MD's are versed enough to negotiate with the sponsor's themselves and have support from lenders counsel that the sponsors are forced to hire.
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