RBC TO - Syndicated & LevFin Group

Based on the most helpful WSO content, here's what you need to know about RBC's Syndicated & LevFin Group in Toronto:

1. Canadian LevFin Landscape:

   • The Canadian leveraged finance market is relatively small compared to the US. There is no true Term Loan B (TLB) market in Canada, and most leveraged finance activity is mid-market focused.
   • RBC has a mid-market leveraged finance group in Canada that deals with Canadian leveraged loans. However, they don't get on as many deals as competitors like BMO or CIBC.
   • RBC's mezzanine group handles subordinated/mezzanine debt, but the scale and scope of deals are limited compared to US counterparts.

2. Structure and Mandates:

   • RBC's LevFin team in Canada is not a traditional capital markets LevFin group. Instead, it operates more like a commercial banking function, focusing on mid-market clients and Canadian leveraged loans.
   • For larger or more complex deals, RBC's LevFin team in New York handles mandates, as the US market has a more robust high-yield and TLB ecosystem.

3. Hours and Culture:

   • Specific details about hours and culture for the Toronto group are not explicitly mentioned, but given the mid-market focus and smaller deal flow, the hours may be less intense compared to US LevFin teams.
   • RBC is generally known for having a good culture, particularly in its Canadian offices, but this can vary by team and leadership.

4. Deal Size and Flow:

   • Deal sizes are typically smaller and focused on mid-market clients. The group does not handle the same volume or scale of deals as US-based LevFin teams.
   • RBC is a leader in Debt Capital Markets (DCM) in Canada, but its LevFin activity is more niche and limited in scope.

5. Exit Opportunities:

   • Exit opportunities from Canadian LevFin groups may be more limited compared to US counterparts due to the smaller market and deal flow. However, mid-market private equity or corporate finance roles in Canada could be potential paths.

If you're looking for a more traditional LevFin experience with exposure to larger deals and high-yield markets, you may want to consider opportunities in the US or with RBC's New York team.

Sources: DCM and LevFin in Canada, https://www.wallstreetoasis.com/forum/investment-banking/best-ib-groups-in-canada?customgpt=1, Top Banks for Leveraged Finance?, RBC IBD - What is it and where is this group headed?, Lev Fin Outlook & Best Groups 2020