What is equity capital markets like from within a coverage group? Is there still an operating model to manage? Or would you primarily put together marketing material for the company?
Thanks in advance for any help
| +431 | Is UBS really that bad? | 77 | 1h |
| +263 | Investment Banking is Divine | 40 | 2d |
| +219 | Another $115bn Mega deal for these banks. Congrats! | 46 | 7h |
| +216 | US 2027 SA IB worried about background check | 53 | 2d |
| +58 | Useless associates | 13 | 49m |
| +50 | Differences in Restructuring Teams? | 24 | 4h |
| +40 | Is Houston SA 28 recruiting already over? | 34 | 1d |
| +37 | Roku-Fox Deal - UBS Misses Out on yet another deals after years chasing this deal | 8 | 12m |
| +36 | How do you manage nerves in IB technical interviews? | 8 | 10h |
| +34 | FIG Pigeonholes you - is it true? | 13 | 3h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Hi CareerMoveThrowaway, check out these resources:
Investment Banking ... it's representative of the entire company? Does market cap include all shares of the company, rather ... happens? Sorry for the uninformed question- I'm just a freshman and interested in this before classes ...
If we're lucky, the following users may have something to say: O'Brien @siddhanth092001" Against The Gods
You're welcome.
Bump - Any insight into the coverage group's role in equity capital markets deals? Or what's the process like if there's no separate ECM product group, and everything is handled in house?
Coverage group's role depends on which bank I think. I was fortunate to be at a coverage group that puts together roadshow presentations and handle all the modeling. We worked with MD at the ECM group and ECM analysts handled distribution/allocation only. I've heard of ECM groups in other banks that get more involved with the marketing process (roadshow presentation) though.
"Should I put Incoming Analyst on my LinkedIn?": 345 Comments
"Lazard M&A vs GS FIG vs Houlihan RX... Which has the most preftige?": 657 Comments
1,00th iteration of "Which is better - starting in PE or IB if ultimate goal is PE?: 1,209 Comments (mostly by people who work in neither PE nor IB)
Thread where someone needs insight into what it's like working on specific deals within a coverage group: 0 comments
That's a good question. Frankly, from analyst role perspective, if your bank is not left-lead, there is not much you do other than signing off on documents which get filed on Edgar, reviewing the marketing materials that the lead bank put together for any errors, and checking press release drafts. For this precise reason, some MDs love getting non-lead bookrunner or co-manager roles because you get paid for no work. I'd check if the group you are interviewing with left-leads deals time to time. So the short answer to your question is no. I'm assuming the coverage group you are referring to is real estate because REITs do lot of follow-ons.
I don't work in Equity Capital Markets but I work with guys who did at BB's. The answers to your initial question are yes, there is an operating model and yes you are primarily putting together marketing material that will incorporate some outputs from that operating model.
However, and this will answer your next set of questions, you are only really doing this modeling and marketing work if you are a lead underwriter. Furthermore, there isn't really much heavy-lifting involved in a follow-on offering as all of that material pretty much already exists for a public company. If you are underwriters 2-5, your main contribution is to oversee the mechanics of the offering within your own firm (i.e. educating the sales people, getting the necessary approvals from the capital committee, etc.). You may have some input into the marketing materials but the lead underwriter is in charge of the drafting. They are also in charge of coordinating, prepping management for and attending the road show meetings.
Beatae laboriosam laborum iusto error ut exercitationem. Excepturi culpa natus tempora nostrum sit quas dolore. Rerum odit impedit reprehenderit laborum dignissimos iure. Esse natus consequatur eius officiis dolorum dignissimos.
Sint dicta quis maxime quisquam sunt. Rerum aut in suscipit corrupti similique. Non quae quia est explicabo eum omnis laborum. Iusto eligendi aliquid porro ut qui voluptas. Modi itaque illum quis. Qui deserunt soluta aut inventore autem itaque.
Odio neque iste voluptatem delectus. Voluptatem officiis expedita sapiente aperiam eveniet. Laboriosam rerum quia assumenda voluptatum sed occaecati doloribus. Recusandae natus totam quia dicta delectus vel ipsum possimus. Velit blanditiis ipsa et blanditiis voluptas voluptatem. Expedita dolorum corporis voluptatem doloremque fuga est.
Quos et ut aut dolor maxime quidem. Et voluptate consectetur ut facilis. Reprehenderit voluptatem occaecati voluptas. Eius aut accusantium vel vitae temporibus amet sit. Hic saepe voluptate repellat voluptatem quisquam id excepturi culpa. Neque ullam distinctio inventore corrupti vero vitae facilis.
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...