Should I take a debt course before internship
Should I take a debt instrument class before my DCM internship? Or am I going to learn most of it on the job?
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You'll learn everything. Get acquainted with the key topics and if you ate genuinely interested (which would be a good starting point) then makes sense to take uni classes in the topic - but at least I would not take on extra classes on top
Thanks for the advice! I am very interested in this field, and I think I will benefit a lot more from debt instrument than just taking an easy finance class for GPA.
DCM is not difficult at all, if you know how to create an Excel pivot table and do nice Ppt slides you'll be fine. There is no modelling in DCM. You won't use any secondary market concepts such as convexity/duration since DCM is primary market focused.
Interesting comment - could you elaborate please?
I spent a few months rotating in DCM and my team mostly focused on corporate investment grade, there is 0 modelling when it comes to debt pricing / origination. Only modelling you might experience in DCM is if you are in the junk/high yield (if your bank doesn't have a leverage finance group) side of thing.
Convexity/duration are used on the secondary market (trading) to balance a portfolio for exemple. From a bank/advisory DCM point of view, only important thing is to make fees when originating and the risk is close to 0. Imagine you're originating $1bn for AT&T, your 3% return will easily find appetite on the primary market and there is close to 0 risks of AT&T not paying their dues...
Also DCM advisory is very short term focused with new issuances almost every day vs. advising an M&A deal over multiple months.
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