So liability management is supposedly a product group/specialization within DCM. I might have the opportunity to join this team at a BB.
Does anyone know what this group/team does? Regarding exit opps, is it better or worse than traditional DCM origination? I know DCM doesn't have many exit opps, but I just want to make sure liability management isn't some middle office role.
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See previous thread regarding LM: https://www.wallstreetoasis.com/forums/liability-management-in-dcm
It is a specialization within DCM. I would think that exit opps are similar to other DCM roles or could go to more generalist DCM roles.
When we work with our LM guys they're usually the team we bring in that focuses primarily on refinancing maturities early. So they're doing like the bond math and pros/cons of refinancing bonds early and paying the additional fees in order to refinance those maturities with bonds that have much better pricing. So it's like PV of interest savings should be greater than the additional fees your incurring for paying the bonds back early. I've also worked with them when we have a client interested in like open market repurchases of their bonds. My bank has a very small LM team, hours seem lighter than most groups, don't know anything about exits. Hope that helps a little
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