How is COVID affecting deal flow & working hours for IB analysts?
I am interested in hearing how the COVID crisis is affecting working hours in IB, especially for junior level staff.
I am an analyst at a regional M&A boutique, working on lower middle market deals. Pretty much every deal I am on has been put in a wait & see mode, with timelines being pushed back. Enough things to keep me busy, but very few urgent & high priority items. Over the past month, I have been working closer to 60 hour weeks, vs the 80-100 hours that are typical in normal times. Bonus will take a hit for sure.
However, I have heard stories of some analysts actually having a heavier work load. Rx will become understandably more busy. But for M&A & Capital Markets, I am trying to understand why this might be - are analysts at larger banks having to build COVID related scenarios into models? Any other reasons?
Bump. Would like to know also
Anyone have insight on equity? Have seen examples of companies issuing equity for liquidity right now, i.e. Shake Shack $150M issuance last week. I'd think Debt would be hotter, but not sure.
Does anyone have more info on equity/IPOs/ECM overall?
Overall deal flow (all types) has slowed somewhat, but far more noticeably has shifted from M&A towards 1) Rx, 2) liability management, 3) capital raises and 4) prospecting / pitching for 1-3. Total hours have been pretty similar, though working from home makes the downtime a lot more enjoyable (e.g. reading a book on the couch in PJs instead of reading the WSJ in your chair in a tie).
This is helpful. What's the rough Debt/Equity split on capital raises?
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