How do boutique and middle market banks without BB-sized balance sheets underwrite debt offerings? Interested in how this is done from $20m all the way to multi-billion dollar offerings. Is this essentially just relationships with lenders?
| +262 | Why UBS Is the Worst Place to Start Your IB Career | 40 | 1d |
| +219 | UBS 2nd Year Analyst Q&A (2026) | 41 | 15h |
| +98 | What's your craziest "hardo" story? | 16 | 1d |
| +52 | Rogo AI | 22 | 18h |
| +52 | Wolf of Wall Street vs. Reality: Anyone else feel scammed by the movies? | 19 | 5h |
| +50 | Suspended for a Year | 21 | 9h |
| +49 | Elite Boutique interview questions | 17 | 1d |
| +37 | UBS IB 26Q2 a Disaster! Advisory Revenue Down 23%, Capital MarketsDown 5% | 8 | 1h |
| +32 | so confused about 28 SA timeline | 31 | 26m |
| +31 | Rate my non-target resume | 15 | 18h |
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.
Mechanically, they underwrite the same way BB's do it. However, because of capital requirements they are usually forced to underwrite a smaller chunk of the bigger deals and sell the remainder into syndication. It's not unusual for MM/boutiques to hold smaller pieces of larger syndicated deals than the participants even when they are the agent/lead lender--the balance sheet (or lack thereof) requires it (imagine a bank with a $1B of net loan volume underwriting a new $250MM loan). However they remain the lead lender/relationship manager. It's sometimes odd, but it works.
What are some popular boutique DCM firms? Having some trouble digging them up
You will also be more focused in your client base. We only underwrite in 4-5 industries, while BBs are all over the industrial and geographic map. While we have 5% of Citi's balance sheet, we can still offer clients similar hold levels for almost all deals.
Doloribus aperiam a adipisci in eos temporibus voluptate vel. Odio quia consequatur vero est excepturi totam provident blanditiis. Quod suscipit incidunt repellendus est aperiam expedita.
Eligendi eos non eaque sed enim maiores consequatur nihil. Aut minima doloremque debitis ullam.
Officiis in quam molestias et. Sint nobis et iste qui enim minima.
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...