Would anyone be able to shed some light on the leveraged finance groups at BNP and RBC? From what I've heard BNP has been growing very quickly over the last two years and is starting to lead left and win market share. Curious if anyone there can back that up or can comment on what the group is like.
I would think RBC is a very established player that competes with the American banks on LBOs and has a more traditional business model. Any thoughts on the group's rep?
Also side point. How would people measure up a levfin analyst/associate role at those two places vs a tech coverage role at a place like Stifel? I know it depends on what you ultimately want to do but curious what the rep of Stifel is like.
Thanks!
From my experience through networking and researching league tables, LF at BNP is top-notch. It is arguably one of their best groups and they hired some top senior LF talent over the past couple of years.
Can't shed much light on RBC's LF Platform, but know they have stronger groups.
The comparison to Stifel is difficult, because it is group dependent. For example, their FIG / FinTech Practice (KBW) is top-notch but wouldn't say LF (if we're talking in comparison to BNP).
Thanks! Seems like RBC is actually number 5 in sponsor backed deals this year.
BNP & RBC both have job apps on LinkedIn for 2 different groups in this space. I assume you have interviews at both, I have databases of all the their left/right lead deals - happy to share if that’s the case.
I posted a laundry list of 34 lev fin / direct lending job apps open on LinkedIn yesterday. Not only did it get deleted, I got the oddest email + PPT deck from them (thinking I’m a headhunter, like no).
Happy to discuss BNP and the different groups. Worked at BNP for three years in the lev fin shop
Curious if you can talk about your deal experience and if it’s similar to other groups on the street? In the past I’ve heard European banks under paying their staff. How has the comp progression been for you over the last 3 yrs(ex. All-in comp)?
Hello! I have an interview coming up is it okay if I PM you? (Same group, LevFin).
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I took interviews at both places about 14 months ago.
An earlier poster said BNP lev fin was a top notch group, so maybe he works there lol? I didn’t get that sense at all after speaking with them and I rarely see them left lead deals in the spaces I cover.
From what I gathered during my interview process (I spoke with ten people in lev fin and then got ghosted after my final round), they hired some big wig from DB lev fin a few years ago and he brought some people with him. They have a lot of senior “originators” and green juniors, but seemed there was a dearth of vp level guys to actually execute the nitty gritty of the deal process.
Something that really turned me off speaking to then was the fact I got the sense that many of the lev fin people had that Nomura attitude. Where they believed they were higher in the market than they actually were. Like they all believed they were good enough to run Goldman desks, but they felt BNP was just as good. Nothing worse than working for people who can’t accept reality and make you grind for no reason. Like would have you turn 20 versions of a grid, knowing damn well JPM or BofA are the ones who are actually negotiating the terms and BNP will accept the deal no matter what.
Plus I didn’t like they just ghosted me after speaking the ten people over the course of a month. They couldn’t just tell me no, had to go radio silent. When they reached out earlier this year I literally told the recruiter how they ghosted me and to eff off.
RBC lev fin seemed to be much more cognizant of where they were strong and were they were weak in lev fin. They also have a lot of RBS alum, who are happy to work normal hours and coast on right passive roles. Make good fees with no real work needed. RBC also seemed to pay better and didn’t have that Euro arrogance to them. I was doing well there, but really messed up a basic RP question which I think sunk me. But they stayed in touch and told me when they chose another candidate.
If you are deciding between two offers, I would suggest you take the RBC offer. I liked the people there and believe over time the pay there will be superior. I also think RBC will eventually have a higher place than BNP in the US lev fin space. After working in banking for a decade, I’ve come to not expect alot from the Euro and Japanese banks.
The BNP part was surprisingly similar to my experience
Agree with the BNP Part. They are too caught up in their bubble of thinking they’re the best while all that they do is follow orders from bigger banks and just execute. They are still in the game only because of their balance sheet, not skill. This is mainly for the US, in Europe they are actually big and skilful. They’ve had a good churn of people in the last two years at the junior level. Heard first years start thinking of lateraling as soon as they hit the desk, not a great indication of culture
why does anyone choose levfin?
BNP is not even in the same stratosphere as RBC and is no means “top-notch” in any regards for levfin. I don’t see them leading any deals
Got a chuckle reading this. BNP is trash top to bottom
Bnp's mandate for LF says it focuses on bonds, loans, and m&a so it seems like a pretty well-diversified group. And from what I've seen so far most other places don't have that balance -- I know they aren't as strong in US m&a but seems like its their top group and great experience?
Well of course they'd have to say that because else it would just be plain old corporate banking/dcm/syndications?
A big part of levfin at large European/Asian balance sheet banks is convincing themselves and their management that they work on some sort of value add and strategic product (and should be compensated as such). I don't have an insight into BNP LF in the US specifically but you should judge them by their mandates, volumes and deal role and not by what they put on their marketing pitch.
Can only comment on the EMEA side, but do think their strong presence their drips over partly to the US side. In terms of BNP LevFin in EMEA: it really is a top-notch team. They do plenty of sole/joint physical books and left leads. In fact, they are hovering #1/ #2 in EMEA leveraged loans YTD and I would say the strongest banks in EMEA in the LevFin space right now are JPM, GS, Barclays and BNP.
Just to back-up my statement above; BNP was left lead on Action €2.5bn A&E, sole phys. books in Monbake A&E (priced yesterday), joint gloco/physical books with GS on Bormioli FRNs launched last week, gloco on Loxam SSNs priced last week, joint physical books on GSF SSNs priced Friday 21st of April etc. This is just a list for the last weeks and plenty to mention. Contrary to BNP, I have never seen RBC lead anything in EMEA and they surely aren't top 10 (note all above applies to their EMEA side!)
On the US Side of things, BNP does not do a lot of leveraged transactions. RBC is way more involved and will get you better technical experience (IMO)
check out lifeandlevfin's website. I think they came from big 4 but if you're interviewing, they have some really good stuff (even their free stuff is good)
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