hey everyone, have an opportunity to lateral to one of the alright players in levfin thru my network and am wondering if this would be a horrible decision given the current state of high yield. Would it be any better to lateral to one of the huge balance sheet players or is levfin a no go to join in general right now?
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As someone who directly works with the LevFin team, I would say this is one of the worst times to be going into LevFin - the Leveraged Loan / High Yield markets are effectively shutdown right now. The only markets open with regards to LevFin are the Direct Lenders (you wouldn't really be involved in that case unless you're syndicating to a bunch of DLs which isn't all too common, and the Pro Rata Bank Market (i.e., Term Loan A market) which isn't going to go over ~4x leverage depending on the company/industry).
That said, if you have a tolerance for potentially being laid off in ~6mo but think this experience could benefit you, it's worth considering. If you're currently in a Coverage group as your title suggests, I'd probably stay put. If you're in some shitty role right now, might be worth considering understanding that you have a realistic chance of being laid off.
Banks are losing their fking ass on deals like Citrix, soon to be Twitter etc. That said, MM banks aren't as exposed to these big losses as they're typically not on these large deals, or if they are, they're only underwriting fractions of a percentage of the financing package.
We obviously need the bank you’re at and the bank your new opportunity is at lol.
Yea lev fin is struggling right now, but no group is going to hire and then quickly fire a new analyst.
Garbage in, garbage out.
If they’re actively hiring it’s unlikely you’ll be laid off. Markets are cyclical. LevFin will open back up again, leveraged companies will need to refinance and PE will start doing buyouts again. If you’re interested in LevFin I’d take it (unless it’s CS).
What LevFin group is hiring? I know of people in LevFin switching to coverage groups given current conditions.
I’ve seen a few BSB have FT openings recently
Wb levfin / capital markets at a EB like Evercore, Lazard capital markets?
avoid. it's private placement not BSL deals
BSL? Balance Sheet lending? Can you talk about the difference
LAZ/EVR don’t have levfin groups
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