"Markets Based" Leveraged Finance Teams?
This past summer, I interned in a public finance group. Part of the summer I worked with the syndicate desk, which was honestly pretty fun. I liked pricing bond deals, closely following the municipal bond and treasury markets, interaction with the origination bankers and the sales people, and the better hours (for IB at least). One of the more interesting parts was working on higher yielding and more "rarer" issuers as it was more difficult to price these issues and really required more expertise (the younger less experienced syndicate members would not really work on these deals).
This got me thinking of working in leveraged finance as this deals with higher yielding credit. When looking at WSO, it seems like some banks have their levfin team more capital markets focused, so they are not cranking out models and stuff. From my understanding, they are effectively the syndicate desk for levfin, where they are following the high yield market and pricing the deals. Is this true? And how is it like working in a group like this? I read MS levfin is an example of a group like this. I would assume the hours would be better than a "modelling" heavy levfin group, but from the few WSO company database reviews on MS levfin, the hours seemed nightmarish.
For someone like me, who seems to enjoy the more markets aspect of the job, this might seem like a good fit if I ever want to try and transition to levfin. But would like to see if anyone has any insights on working for a group like this.
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