What ECM coverage group/vertical?

Will be an intern in an ECM group and I have to rank the coverage verticals. My choices are TMT, healthcare, real estate, industrials, and FIG. What should I choose? I don’t really have a preference but my I am trying to lateral to M&A or an actual coverage group for PE recruiting.

6 Comments
 

I would do real estate or healthcare if you’re at a BB. Real estate is good because reits often do syndicated blocks so more likely to get on a deal. Health care is good because all of the biotech deals. Energy then Power (sometimes under natural resources) had the best year in 2022, probably your best bet if you want to see deals but you didn’t list it as an option. Tech is pretty dead at the moment. 
 

Are converts covered within the ecm groups or separate? That’s the most “technical” ecm group. Guessing offers will be brutal this summer (at least that’s the rumor in my ecm team)

 

What do u think the offer rate will be for your ECM group? Also converts / equity linked is within the group but I don't know much about it. Thank you!

 

I would say convert / equity-linked like the above poster. Very few folks in IB is actually familiar with the product - it helps with perception when trying to lateral. Its "technical" not in the sense for like M&A / coverage workflows but nonetheless people consider you more of a quantitative / technical type at first impressions. 

 

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