Leveraged Finance as an analyst
I'm currently a final-year student and interested in LevFin despite having a couple of M&A internships under my belt. Would anyone working in LevFin (or just familiar with how the teams work) be willing to answer a couple of questions to help out as I select the next steps in my career?
I am especially interested in 1) how many deals LevFin analysts do annually on average, as the deals do not take as long as in M&A, 2) do the deals die as frequently as in M&A, and 3) what are the typical tasks assigned to analysts, e.g. if I've understood correctly, there are a lot of legal workstreams in LevFin but is this something where analysts provide significant input and understand the nitty-gritty details of legal documents?
4) Also, interested in whether LevFin teams in London hire analysts (and if there is less turnover compared to M&A teams) or if an internship in a LevFin team is required.
Thank you!
Can answer a few questions. I work at MM firm with a small levfin practice. Last year we closed 15 deals out of probably 100 that we screened, so they do die off quite a bit. Tasks assigned to analysts can range from preparing materials to pitch to internal credit in order to underwrite the loan (company/industry overview and risks), preparing syndication materials to other lenders, and maybe even running deleveraging analysis and making the model.
Thank you! 15 deals in a year for an analyst sounds impressive especially if all of these were syndicated loans/bonds! Is it correct to assume that at least in your shop, analysts don't really get in the weeds of legal documentation/structuring of the debt e.g. opine on basket sizes, covenant levels, pricing etc.?
Correct, when you get to the AVP level (at least where I work), thats when you get a voice on pricing, covenants, terms etc but ultimately its credit that decides what to approve whatever you pitch
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