Which ECM vertical/industry coverage for SA 2023?
Will be an intern in an ECM group and I have to rank the coverage verticals. My choices are TMT, healthcare, real estate, industrials, FIG, energy&power, consumer retail, and converts,. What should I choose? Healthcare interests me the most but my I am trying to lateral FT to M&A or an actual coverage group for PE recruiting. Additionally I know the ECM markets are down so I want to factor this in. Thank you!
What bank is this? I've never heard of ECM being split into coverage teams? ... Usually product groups are industry agnostic.
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OK, interesting - thanks.
Any bank with a sizable ECM franchise does this, whether it is broken up between HC ECM, and ex-HC ECM, and Equity-linked CM all the way up to broken out by coverage group. All the major BBs have it split up like this post.
Any advice in regards to which coverage group I should target?
HC is the most reliable ECM group I would say given the nature and capital structure of many biotech / pharma companies. These companies are heavily reliant on ECM for raising capital as many are non-revenue generating.
Outside of that, it’s more so personal preference.
Tech / FIG are generally next busiest. Obviously 2020/2021 were anomalies for Tech given the absurd valuations, so deal flow was very heavy and has been relatively quiet for almost 1.5 years now following the crash.
Consumer is okay, I would say it’s generally less busy than tech / FIG.
Energy did relatively well in 2022, but it had been pretty quiet in the years prior.
Real estate doesn’t seem that interesting to me. To my understanding, there is a lot of REIT work which seems pretty mundane.
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