Alright, so long story short I've been working on a desk that underwrites various sorts of debt transactions for a bit and I've come to notice something. Baird, JPM, BAML pay way too fucking much for the deals they buy. But I've noticed they run these massive syndicates. I mean with a syndicate of like 40 other banks, you end making like 20 cents a bond or something like that. And half the time in their order status wires they'll state they don't even have an institutionional buyer for any of the bonds (I get order status wires from Baird on the daily, they bid everything expensive as hell). So how are you guys making money - volume?
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