I know at JPM at least LevFin is mostly capital markets focused, but that doesn't seem to be the case at Bank of America, so I am wondering what they do at BofA that FSG doesn't (besides capital markets) and vice-versa.
Thanks in advance.
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LevFin at BofA is also purely capital markets, whereas FSG will be involved on all products involving a PE client (sell side and buy side M&A, high yield and leveraged financing, ECM)
I mean LevFin by its name is literally "capital markets". You are tapping the capital markets to finance transactions. Perhaps you are referring to the "JPM LevFin does no modeling" sort of thing. In that case, BofA has a banking Lev Fin group and a Capital markets group (as well as trading syndicate). Banking Lev Fin group does execution (figures out structures, terms, credit analysis, LBO & cash-flow modeling, and credit work). Capital Markets Lev Fin is markets facing and figures out pricing, investor appetite, etc.
Now the difference between FSG and LevFin (banking side), is one does Leveraged Finance vs. Covers an industry (sponsors). See Above answer ^. Sponsors does all products related to a PE client, Lev Fin does non-investment grade transactions ranging from M&A financing, LBO financing, recap, refi, now DIP, etc. Main difference is FSG works with ECM as well, whereas LevFin can work with M&A team when debt raising is needed, as well as non-sponsor related refi.
I would say Sponsors does 60% of the models for LBO/Recap transactions and LevFin does 40% for transactions they work together on, just depends on the transaction. LevFin models regularly when we aren't on transactions together (refi, M&A cash flow modeling, etc.)
Also, idk why the term "capital markets" scares people on this forum. lol.
-I am in FSG
Just wait until they graduate and realize 80%+ of the work in BB coverage is capital markets and - guess what - it can be just as interesting!
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