Anyone have any information/opinions about SMBC Nikko, and the team in London? Deal flow, pay, progression, anything at all is helpful. All opinions welcome. Specifically in their Capital Markets team (DCM/Structured Finance). Thanks!
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Recruiter reached out to me for the role. I would avoid DCM like the plague, personally. That is ofcourse, if you have ambition for PE/HF/M&A type roles or seek an intellectually stimulating job.
If you are content with a well paying job with relatively chill hours then go for it!
Afaik their roles are mostly taking debt exposure not running books like BB do. So it effectively is putting capital at risk which can be interesting as you’ll learn about companies and their operating model.
I’d guess exits to AM in IG debt is easy, from there I’ve seen people move to HY debt, CLO managers.
Cheers Pan European. Are you suggesting that this is more of a direct lending role than traditional DCM? I already have a SA on a capital markets desk at the summer but am considering this as an opportunity for afterwards, given that I am finishing undergrad in June.
It's not quite DL where you would take an entire tranche, but in a 1bn issuance you may get on a deal if you take 100m exposure that will get you the bookrunner name. It is the banks that are so called stuffies (banks that get on deals purely to take large chunks of debt).
Depends on where you see yourself in the long run, an SA is a short term risk but can give you a much better upside long term. Maybe ask them if you could start in September after your SA?
Do you believe the pay is comparable with typical IB?
Long-term I would like to be in the DCM space. My goal would still be to complete the SA and ask to start in September - would see this as more of a role for a year before starting a (hopefully secured) FT role from SA or failing an offer, as a stop-gap whilst I assess my options.
No clue about pay. But you're in financial services so you won't struggle financially.
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