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  • Analyst 2 in IB - Cov
Jan 27, 2021 - 1:18am

We are talking about top here, not mediocre at best or better than average MM, no?

Apr 9, 2021 - 10:29pm
banker1199, what's your opinion? Comment below:

RBC P&U group is very strong and arguably top 1 or 2 in the bank. Arguably top 5 on the street. Competes with tier 1 banks on mandates 

There's 2 rainmakers that generate most of the deal flow, one in NY and one in Houston (Apparently this guy is the co-head and BSD of the group) There's a infra MD that's good but is mediocre compared to rest of the street

They added a co-head in NY from MS P&U but hear he's the lowest performer in the group 

Very VP heavy with few being super duchy and hard to work with 

Most of the associates in the group are clueless and take a back seat to the analyst, they're few who are really good that get most of the live deal work

Pros:

MDs and Ds are very down to earth and approachable

As an analyst you gain very good technical skill set since modeling is done within the group 

Good exit ops to infra funds 

Very good deal flow and most of the juniors work on live deals 

Cons:

Hours in this group are the worse in the bank given deal flow

If you get staffed with a bad associate, you're both analyst and associate (Can be a good thing sometimes)

Understaffed with analyst given most leave for infra funds

If you're an analyst or intern considering group placement, go to this group get a deal under your belt from one of the rainmakers and go recruit. 

NO
  • 4
  • Analyst 2 in IB-M&A
Apr 1, 2022 - 11:08pm

What do you think of exit ops of RBC P&U vs RBC M&A (both NY)? I know they're both top groups in the bank but seems P&U has a good reputation across the street. RBC M&A idk much about other than the fact they're one of the best groups in the bank. Think they'd have similar exit ops? 

Jan 23, 2021 - 2:56pm
Bulldog123987, what's your opinion? Comment below:

I had not heard of them until your comment. But may simply be because they advise on deals with check sizes smaller than our mandate. 

  • Associate 1 in IB - Cov
Jan 24, 2021 - 1:23am

Are you really an Analyst 2? This is the level of comment I would expect from an intern or maybe an Analyst 1

1a. league tables for power/infra (especially by deal size) are absolutely not indicative of deal flow or a good IB experience pre-buy side, the main reason being that asset sales are very frequent and re subsequently often undisclosed 

1b. Fee card for asset sales typically trade at a discount to corporate so for that reason, bigger BBs who have the ability to flex financing options via LevFin or providing LCs, etc, often choose to focus on winning larger platform or portfolio deals

1c. Bigger is certainly not better in regards to platform or asset sales, in fact if you want to move to the buy side (obvious portals would be infra or energy-focused funds), these funds are largely MM and single-asset focused (MF infra/energy investing strategies are often MM-sized pockets of capital); only the very largest groups like GIP/MIRA for Riverstone/ECP have the funds and return thresholds requisite for big platforms - you will never see banks like Scotia for instance on the top for league tables but they have a lot of deal flow with smaller asset sales. In fact many PE buyers frequently don't even participate / see-through auctions as they are often priced out

2. the OP also asked for renewables, and there are very few assets of scale in this sector on the market - I have never seen a BB or Evercore advise on a noteworthy renewables asset deal (similarly, there are some banks that are renewables-focused like Marathon, and it would be extremely misleading to singularly qualify M&A group quality broadly with league tables via deal size where conventional energy plays have historically been larger)

3. If you take some time and go to Sparkspread and go through deals you feel are interesting, you'll probably see a recurring pattern of banks. Or if you're like me or likely some of the other posters here, and you've been working for a while, you know the banks in the space you compete against, and have a winning/losing record vs

  • Prospect in S&T - FI
Jan 25, 2021 - 1:08pm

Anybody have information on Barclays Project Finance/Infrastructure group? Is it housed in the Public Finance division or M&A?

  • Analyst 1 in IB - Cov
Apr 1, 2022 - 1:38am

Housed in public finance, but work very closely with sponsors. 

Jan 30, 2021 - 12:41am
CanadianEnergyBanker, what's your opinion? Comment below:

Boutiques Marathon and CohnReznick they get some good mandates for renewables.

Canadians it's the usual suspects but CIBC has gotten most of the large sell side mandates of late for renewables.

Macq you're looking at doing a lot of stuff with MIRA which may or may not be interesting that's obviously a massive platform.

Other than that tend to see Barclays play more in the P3 space.

  • Analyst 2 in IB-M&A
Apr 1, 2022 - 11:09pm

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  • VP in IB - Gen
Apr 3, 2022 - 5:34am

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