Can someone help me understand what a leveraged finance group does at a bank with no balance sheet to lend from (such as WB)? I'm assuming this is debt advisory type work. What would a deal look like for a levfin group at a non-lending bank? How do hours / comp compare to the industry groups?
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Bump. Curious as well
Interested as well
Don't know specifically about WB's group, but you are correct in that it is debt advisory, which is becoming increasingly utilized as part of MM and even some LMM transactions. You'd work on:
1) Potential transactions: finding/securing debt primarily for sponsors trying to acquire a business (can be tough because if your sponsor doesn't win the deal, you did a bunch of work for nothing)
2) Recaps of existing portfolio companies: either to provide shareholders with cash returns (distributions, dividends, etc.), provide more flexible financing for growth or acquisitions or potentially to supplement restructuring or special sits in distressed
Hours tend to be better overall from what I've seen, but can spike because there tends to be more compressed timing for some transactions (particularly the potential bucket where sponsors engage you to get a term sheet or financing arrangement so they are able to deliver a fully-baked LOI)
Majority of the deals are with BDCs and non-bank funds (Golub, AB, Ares, etc.).
Bump if anyone has any other info
It’s just like jefferies levfin, you advise, structure and work on smaller lev fin transactions, but you originate to distribute.
Think of all that goes into a lev fin role besides actually committing the capital.
Jefferies has access to not only MassMutual’s balance sheet but recently signed a deal with SMBC that’ll give it even more capital market capabilities. Also, Jefferies is a top group when it comes to LevFin and honestly WB isn’t anywhere close when it comes to LevFin.
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