What do DCM analyst do? I recently interviewed with a BB DCM team and they told me that they dont do any financial modeling. Can someone shed some light on what exactly they do?
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spread comps
What do you mean by spread comps? like financial statement or the price that bond trade at?
Comps of debt issuances. So you'll put together a table of debt issues of similar companies, looking at pricing, YTM, YTW, etc.
I know that the capital market team sent out newsletter weekly on market trend and macro events. Are they just there to help execute / market new IPOs? There's no financial modeling at all? If so, why is it easier to transition from capital market to IB rather than other jobs that actually require financial modeling?
what about ECM analysts?
Market updates, updating slides, creating deal alert sheets, taking notes on client calls, investor presentations etc. At least that's what we do at my bank.
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DCM analysis
There are plenty of posts on this and also fairly comprehensive. In summary, no, a DCM analyst doesn't only spread comps. This is just a part of the day and doesn't even take much as it will be fairly automated. Analysts write market commentaries, help seniors with deals execution and work on pitchbooks like in any other IBD group...the content of these books is only much more geared towards credit markets, rates, monetary policy and economic trends. There is very light modeling in a typical corporate (non leveraged) DCM group.
As a 2nd year DCM analyst, I’m also curious about this
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