LevFin Syndicate at BB or LevFin at MM?

If you had to chose between the following FT Analyst positions, which one would be the best in terms of long term career / exit opps?

Any advice is highly appreciated.

7 Comments
 

Thank you! I was thinking that maybe in Syndicate the focus on capital markets is to high in order to lateral to e.g. Origination as they are not dealing with modelling, credit approvals etc.

 
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I would lean towards levfin syndicate at the BB. Keep in mind that as a syndicate analyst, you'll have only slight exposure to actual deals. Most of your work will be managing information and sending out daily, weekly, monthly reports to the LevFin team. You'll help originations analysts find info they need (like if someone wants to see a comparison of every transaction containing a high yield bridge loan and TLB underwrite that occurred in the last year or whatever). You won't be working on models or memos or pitches (usually). Our syndicate team at my BB has like two maybe three analysts and one or two associates. Very, very small. There are probably 6 or 8 MDs. Most of the way the syndicate desk helps is they come in and check over deals to make sure pricing and distribution risk are ok. Just know all of this going in. I would start making noise about your desire to transfer to origination after about 6 months to a year on the job. 

Leveraged Finance originations at a bank such as ING or ABN Amro will have less deal flow than a BB. They will also lead very few transactions. Hope this helps.

 

Def go to the better banks. A good friend worked at ABN (the bank is in the process of exiting the US as we speak actually) and they barely led anything, and when they did it was just revolvers.

You’ll also find having a good name on your resume can get you interviews. I’ve seen friends in credit at morgan Stanley get better interviews then lev fin at crappy banks like Abn.

 

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