How is the MS Lev Fin group, compared to GS, JPM, BAML's Lev Fin group, in terms of exit for PE fund? Are they doing a lot of modeling or just pricing? It seems that they are placed under the Global Capital Market.
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also, what is the difference between Lev Fin and High Yield DCM team?
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MS Leveraged Finance (Originally Posted: 08/29/2013)
Hey guys quick question. I was just curious if anyone had any information regarding MS Lev Fin group. I know that they are in the CM division and that should result in the LBO modeling not being done within their group. Does that mean that the exit opps will be limited or do they still place relatively well into PE and HF's. Also are bonus lower than the IBD groups or are they on par. I have used the search link, but was not happy with what I found. SB's for any good information.
interested.
bump
still good opps. heard a guy from there placed at avista capital
How is Lev Fin at Morgan Stanley? (Originally Posted: 11/22/2011)
So after going through all these info sessions, I realized the Lev Fin group is structured a little bit differently at each of the banks. Some are very modeling heavy, some don't model at all, some focus on sponsors coverage. Does anyone have detailed information on the Lev Fin group at MS? Thanks!
LevFin at MS is all pricing. It, like Citi's LevFin, falls under capital markets instead of IBD.
I've heard group culture there is great... but your exit opps won't be as good as coming from an MS industry group and /or M&A
Can you elaborate a bit on what you mean by pricing? So basically coverage/M&A are still the groups that build the LBO and levfin evaluates it?
He means you'd be in a DCM role, if you are familiar with that. The difference is that you'd focus on leveraged / higher yield names.
Most bonds are priced based on comps that recently hit the market. If you dont price a potential issuance correctly, it will never sell in the market (which means the bank would be stuck with it on their books).
Followup - it has nothing to do with M&A/coverage/models.
You are literally just trying get the bonds to sell through your S&T team
All the industry groups at MS, Citi, and maybe a few other banks will be building, updating, and executing the models. Cap Markets really is not modelling at all, maybe updating a little bit to market conditions.
.
I interviewed for GCM a few weeks back and interviews were pretty standard. Got a few more market-focused questions than anticipated (as opposed to technical). "If I gave you 10k, what would you invest in?", "Out of these 3 securities, where would you invest clients money if it was 2008?", etc...
I don't believe you can interview specifically for Leveraged & Acquisition Finance, the Super Day I was at was general GCM. Ended up getting the offer, and accepted. Will go through the matching process soon for specific groups (ECM, FICM, LAF, Custom Solutions).
Interviewed with six people, 2 or 3 of which were from LAF. Seems like one of the hardest working groups on the floor.
MS Lev Fin (Originally Posted: 01/16/2007)
How does MS compare to JPM, DB, CS, and UBS in Lev Fin? I know that it's much better than the firms below overall, but not sure how good their Lev. Fin group is. These other firms Lev. Fin group is much more established and known, but I guess any opinions on the future would be helpful.
Historically, MS has not been a powerhouse in Lev Fin but with a new push in that sector, they are arguably one of the best firms on the street.
They may not underwrite as much as the commercial banks, but very strong nonetheless with lots of sponsor activity.
http://www.marketwatch.com/news/story/morgan-stanleys-leveraged-finance…
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