Leveraged Finance at BB - which is best?
Among the major banks in IB, which do you think has the best (defined as you will) leveraged finance group?
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JPM is the top shop with BofA being second. These two are the definitive top for levfin. Both have great exits, even though a lot of people will say otherwise here. GS also has great placements but work like crazy
Can you expand on GS?
What about MS? Where does that rank?
JPM and BofA tend to be considered the best.
GS is GS so not a bad option at all, but they are typically ked around by the sponsors or m&a team, they’re never driving any of the deals.
MS is more of a cap markets type role.
CS and others are more of followers at this point. I’ve had juniors I’ve trained go to places like jefferies and golub and those places pay well too.
What's the impact of MS being more of a capital markets role?
When people say a lev fin team is more cap markets focused, it’s basically a nice way of saying they function as more similar to a syndication focused role and less of a technical role.
To close a lev fin deal (and I’m summarizing quite heavily for illustration), you need to pitch and win the deal, write a lender memo, write an internal memo, negotiate fees and structure, gather investors and make a book and fund the deal.
The “hard” aspect of the job is modeling, structuring the deal, negotiating the deal and crafting the investment memo.
The “easy” part is knowing where debt trading levels are, contacting the same investor accounts and selling the paper.
So more cap markets focused means more focused on keeping a pulse on the market, knowing the right people to call to sell a deal and knowing what terms these guys like. It’s easier in the sense more people can do that job than can build models, craft a compelling memo and navigating the legalese of a grid.
From what I was able to gather for US groups based on group reputation, experience given to analysts, and parent firm brand during recruiting. Please feel free to provide opinions if you have more insight, especially on UBS as I know nothing about their group
JPM / BofA (JPM is better brand and global leader, BofA analysts get more cashflow modeling exposure)
CS
GS
Barclays
MS / Citi / Jefferies (MS and Citi are capital markets oriented players)
RBC / Wells / DB (DB was highly regarded in this space when they were a higher ranked BB)
Truist / BNP Paribas (anecdotally heard good things but who knows)
Others
Curious what good things you've heard about bnp lev fin - I know a lot of db people have ended up there, but still has that nasty French culture.
I’d agree with this, maybe put GS in line with CS now - the bank’s risk appetite has dried a but and GS has been quite aggressive lately.
Barclays is also a cap markets like role for analysts. Analysts will never touch a model
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