IG Loan Syndication
Does anybody have any knowledge that could add some color on Wells Fargo Investment Grade Loan Syndications? I'd also like to open it up for knowledge on IG Loan Syndication in general as well. Perks vs. things that suck about it, especially compared to other groups. Exit opps? Skill sets being looked for vs. other groups. I've heard it's a lot less technical. Thoughts? Thanks.
it's sales. and it's sales on a very vanilla level. exit ops? low. same perks and other more interesting sales (eg, dinners, drinks etc..)
the syndication team basically logs in to Syndtak or Intralinks and sends out requests to other banks to join in on a deal (a lot of the time it is a term loan or revolver since most revolvers are 364 and get done every year) they usually handle requests by the other banks and act as a go between to "sell off" parts of the loan to other banks because they don't want to have that much exposure (these deals are usuaslly pretty big in IG, a couple of billion). You aren't analyzing the deal or building models or anything of the sort, the industry group or someone who completed the deal does that. in IG you really aren't sales either, your not meeting with other banks to go over this, you just send the request virtually or call up your contact at another bank and they will decide if the want in or not, most of them will say yes if they were already in or get revenue from the client.
Are you talking about the sales desk type work (often called the "syndicate" desk) or the actual loan origination side of things. The teams work together very closely but are quite different things.
Syndicated Loans - this is basically pitching for syndicated loan business from investment grade companies (think DCM but for loans). Depending on the bank, SL will be either a separate entity within the product groups of the IB (ECM, DCM, Syndicated Loans) or sometimes it is lumped in with Lev. Fin. Depends on the bank. If mixed in with Lev. Fin, exit opps are obvious. If more just lending to investment grade companies, not sure of the exit opps - maybe somebody more learned than myself knows? Far less technical than other groups as there isn't a whole lot of modelling to be done.
Syndicate desk - as somebody pointed out before, is basically sales. The SL origination team will win a mandate as Lead Arrange for example and commit to lending say $250m of a $5bn facility. The syndicate desk then go out and use their contacts to sell the remaining $4.75bn of the loan to other banks. Exit opps are similar to most other sales positions.
In terms of pay on either of these desks, I have no idea. Can anybody shed any light?
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