Moelis Capital Markets
Does anyone know anything about this team and how they are able to execute transactions without a balance sheet?
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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?
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