M&A vs DCM Deals - which path is more stable?
I currently work at a boutique LMM investment bank doing sell-side M&A. The success rates on deals has me very frustrated. We're at about 50% which it's my understanding that's not all that abnormal. I have contemplated switching over to the debt side as it seems that the success rates on those deals are a lot higher and deal volume is also higher. I want to stay in investment banking so I'm less concerned about exit opps and more focused on scaling and seeing some stability in consistent wins.
So I would love to get some perspective from people working in DCM. What percentage of mandates close? How tough is it to win mandates and is that side more or less competitive than M&A?
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