Newbie question. I read an article today about New York Times issuing a junk bond, and the underwriter is Barclays. Within Barclays, is it the DCM or LevFin division that did the underwriting work?
Thanks
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If it's junk bond (i.e. non-investment grade), the Leveraged Finance team will do the execution.
LevFin teams primarily deal with 3 types of deals:
Ideally, the best experience for an analyst is deal type #2, but unfortunately, most deals are of type #1. Type #1 brings in a lot of money for the bank, is a stable and recurrent deal type, and has high likelihood of closing whereas the same does not hold true for 2 and 3.
This is why LevFin does not necessarily translate into a great analyst experience, especially if the team has so many corporate issuances that the analyst do not have time / the skills to model out financials.
thanks big guy
Then, what does DCM do? like underwriting investment grade bonds?
Exactly, although some versions are blurred depending on the bank.
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