Moelis Capital Markets
Does anyone know anything about this team and how they are able to execute transactions without a balance sheet?
Trending Content - Investment Banking Forum
| +329 | Return Rates For Interns Are Falling? | 139 | 5m |
| +148 | Article: Why UBS's Asian M&A bankers are thriving and UBS's American M&A bankers are not | 17 | 39m |
| +132 | Evercore > Goldman and I don’t think it’s particularly close anymore | 53 | 1m |
| +123 | I am a drunk MD AMA | 40 | 1d |
| +86 | UBS Offer Day | 30 | 16h |
| +66 | I hate Wells Fargo | 19 | 2h |
| +57 | An Outsider’s View of RX Banking Out of College | 6 | 6d |
| +51 | Santander IB? | 10 | 2d |
| +49 | No return offer - feeling like a failure is an understatement | 19 | 11h |
| +43 | WF Return offers | 28 | 1d |
Career Resources
Based on the most helpful WSO content, Moelis operates as an advisory-focused investment bank, which means they do not rely on a balance sheet to execute transactions. Instead, they focus on providing strategic advice, M&A, restructuring, and capital markets services. Their capital markets team works by leveraging relationships with financial sponsors, institutional investors, and other capital providers to structure and execute transactions. This model allows them to remain independent and avoid conflicts of interest that can arise from using a balance sheet for financing deals.
If you're looking for more specific insights or experiences, you might want to explore related threads on WSO for detailed discussions.
Sources: Moelis LA -- Business as Usual, Moelis & Co. London?, Moelis is a Sweatshop, Moelis SA 2020, Companies with Internal Capital Markets Team
bump
Believe it functions as a DCM / ECM group but maybe someone else can chime in
Its mostly advisory work on financing as opposed to actual financing. They auction off financing packages to private credit firms to make up for the lack of balance sheet. You never really needed a balance sheet for ECM unless you have to do bought deals.
So when a mandate comes, do they go to multiple private credit firms to see who has the best pricing / terms and then they select that lender for their client?
Alternatively, on the equity side - I’m assuming they auction off ECM related work to balance sheet banks and make a fee from that?
No for an equity offering you really only need a balance sheet to gurantee a price for the issuer. On best effort marketed deals it doesnt matter. The price after the roadshow is the price. In both bought and marketed deals the banks are selling the shares directly to the investors (LOs, Pods, etc)
EBs do also do advisory on ECM transactions as well like Aramco's IPO
I'm still a bit confused - so Moelis would partner with a balance sheet bank to guarantee a price for the issuer? Or do they just do the roadshow and build book / sell directly to institutional investors?
Sit qui animi eligendi aut dolor eius doloremque. Sint magni minima iste magnam sequi. Soluta deleniti nostrum exercitationem aperiam accusamus et est. Minima quo recusandae et. Fugit consequatur ut eligendi sint.
Sint molestias doloribus sed voluptates minus non. Fuga rerum tenetur quos voluptas voluptatem ratione eum.
Officia officia est qui aut sed. Recusandae architecto repellendus facilis perferendis at. Vel odio error corporis libero. Dolor ut maiores ipsum placeat autem tenetur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Neque dolor dicta cum quis numquam in vitae aut. Atque perspiciatis qui possimus commodi voluptatum omnis. Voluptatem quo consequatur nobis illum.
Quod unde soluta laborum minus dignissimos omnis eligendi. Facere harum soluta ea dignissimos voluptas id earum. Et excepturi quia et et distinctio officia vel dolor. Nesciunt fugiat in corporis pariatur laudantium molestias.
Eum ut consequatur harum autem. Ut saepe laboriosam aut reiciendis dolores. Tenetur doloribus deserunt ipsa et sed. Aut exercitationem nesciunt blanditiis cumque. Rem est hic voluptas eveniet.