I want to pursue DCM as a career - would forum members kindly rank the following:
-BNP Paribas -HSBC -Societe Generale -RBS -Citigroup -Deutsche Bank -Morgan Stanley.
Many thanks...
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by far the best...number 1 or close to it in virtually every single capital markets league table.
Deutsche Bank is a leader in DCM
agreed with above. Citi is above and beyond the best cap mkts bank.
between Citigroup, Barcap and Deutsche.
can someone give a quick snapshot of DCM duties (day to day) i know the general idea but would love to hear some actual duties
Think of capital markets work as functionally equivalent to banking (the tasks you are performing include client coverage, pitch books, deal management, etc.) but materially similar to S&T (the information you're processing is markets oriented, not corp fin oriented). In terms of culture, lifestyle and environment, I believe capital markets is somewhere in between banking and S&T (although it is probably closer to banking at the end of the day).
DCM is more dynamic and broader than ECM. It can include S&T of anything, structured products like CDO's RMBS, some firms include Real Estate like CMBS, Leasing into DCM. Bond origination is more like banking with high yield and investment grade bonds. Syndication lends.
what is the salary outlook for DCM 1/2/3 and associate/VP is it same as i-banking, becuase I know in some groups they are closely connected?
But Citi's culture sucks. MS's culture sucks too. RBS is good with Residential MBS.
I always thought DCM works shorter hours and make a little less than IB
Exactly: shorter hours and a little less than IB. Plus, there a million groups within the broader cap mkts umbrella--liability management, derivatives, syndicate, structured finance, etc.
I take offence to the dissing that goes on towards french firms, especially BNP Paribas and SG - I work there at the moment and yes, it is 'french' and doesn't appeal to some people, but they pay market rate (or slightly below) and are great for DCM - they have great name recognition in the US and Europe.
BNP is solid.
Top boutiques for DCM? (Originally Posted: 02/15/2013)
everyone is talking about top M&A advisory boutiques, e.g. Lazard, Guggenheim, Rothschild, Moelis, Evercore, Greenhill etc. but what are actually the best boutiques for DCM? or are those top M&A advisories also pretty known for DCM?
thanks
Most of the so-called "elite boutiques" are M&A focused without big (or any) capital market businesses. I know Moelis has a pretty good capital markets business. Jefferies does as well but I wouldn't consider them a boutique.
If DCM is your thing better to look at BB.
^ agree with above poster..if you want to do DCM, you should do it at a BB instead.
agree with above
in addition to BBs, you might want to check RBS (should be one of the better DCM names) and maybe BNP as well
thank you. I recently talked to a guy who worked in structured finance at RBS, but was previously in dcm. he also said rbs has a good deal flow in dcm. (though I was a little surprised admittedly, because i had not known before that you can so easily switch from dcm to structured finance)
From the same kid who said that business majors are less intelligent than math majors...
Most boutiques don't have nearly the available capital to provide to investment grade issuers and thus if they are involved at all in these types of transactions, it typically won't be as a senior or lead left bookrunner. As such, none of them have a strong presence in the DCM space, simply because the whole strategy of a boutique bank is to provide advisory services from lean deal teams, which have low overhead costs and can thus return substantial portions of revenue to a smaller pool of employees, therefore resulting in more attractive bonus potential.
Balance Sheet banks dominate all capital markets activity across the capital structure. Typically you see JPM, BAML, Citi, and Wells Fargo leading the lion's share of cap mkt issuance.
hes right 100%. you see the big balance sheet banks like the onces listed doing the heavy DCM work
London Roths have a pretty good cap markets advisory outfit.
Top DCM in the game: Jefferies
huh
given recent events, which firms have best dcm groups? (Originally Posted: 10/01/2008)
anyone?
With the Leh/Barcap merger, I'd say they'll definitely be a force to be reckoned with. Leh has/had some of the best power/natty res and fig dcm teams on the Street. I haven't looked at the league tables in awhile but I think they are pretty high up.
Barcap has also been traditionally strong in credit/debt (for the most part, their U.S. IBD biz was mostly DCM with a sprinkle of coverage and such. They laid off half their lev fin team earlier this year)
Depends what region you are talking about. In Europe, Deutsche is no.1 according to league tables and I think in Asia, HSBC is no.1 and Deutsche is no.2. JP Morgan and Citi continue to very strong DCM teams in the US. Barclays has had a very good dcm desk too actually. They were mandated on quite a few deals in Asia and Europe from what I last remember. Overall, for DCM, these banks are usually lead mandates on most deals:
Citi JP Morgan Deutsche Bank Barclays
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