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October 31, 2026
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Read the LCD leveraged loan primer, really contains everything expected of an SA to know. If you want to seem really advanced, look into different credit agreement structures, different provisions, and how banks are competing/collaborating with private credit (look into unitranche financing).
Interned this summer at a modeling-heavy levfin team, not sure how much of the model does Wells/RBC hold the pen on, but here’s what I’d recommend besides being good at three-statement / LBO modeling:
- Learn how to do cap tables, they should take about an hour but since you’ve never done them before it takes forever, especially when you’re calculating LTMs, digging for prices and new tranches on Bloomberg, creditsight, markit etc….. you can do this in your own time to practice but there’s very little courses available for Levfin specific cap tables. Go on X and look for the Bear Stearn Levfin primer, and go on @Boringbusinesses, he has a primer on cap tables there as well. You can also go on google, go to “advanced search” and type in Lender Presentation, and make sure the file type is in PDF. There will be a bunch of presentations there that levfin teams put together for deals, usually there’s sources & uses and pro forma cap tables around the second or third page. This is also useful to see what type of materials you will need to know, and also have a creative repertoire of slides you can take inspiration from. I would recommend to save some that you like on a folder.
- Debt comps. I could not find a single guide online, but it’s basically like doing a bunch of cap tables but on a comps layout. I wouldn’t worry too much about this, if you can master the cap table you can master this.
- Practice your typing and listening skills. You will be joining tons of back to back due diligence calls with sponsors and lenders, and a lot of it you may not know, so be ready to take super detailed and organized notes. I like typing in the question then putting the answer in bulletpoints in a different color. But yeah be ready to take a ton of notes.
- I like to follow some credit-focused meme pages and newsletters, it keeps you in the loop. High yield harry, junkbond investor, pari passu, 9fin, Octus, etc.
That’s all I can think off at the top of my head, as an intern I would say the work was 40% email, 40% excel, 20% PPT (that was my personal experience, others had much more PPT). Your main deliverables will be:
1. Cap tables
2. Debt comps
3. Sources and uses
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