Citi CMO Asset Based and Transitional Finance
Can anyone provide detail on what this desk does? Also, possible exit ops after the Associate level?
"The Asset Based and Transitional Finance Group is responsible for originating, structuring and syndicating asset based loans and DIP financings.
Responsibilities:
•Coordinate the development and drafting of all marketing presentations and offering documents across a variety of groups both internally and outside the firm
•Manage internal credit approval drafting and processes
•Quarterly and annual credit analysis for a portfolio of non-investment grade names over a wide range of industries
•Assist in sourcing, analyzing, pitching and approving restructuring finance opportunities.
•Aid in the development of numerous presentations to corporate and financial sponsor clients which describe and help develop various financing and capital structure"
Thanks.
revolvers secured by current assets was my understanding after my SA superday
I also would be interested in exit opps for ABL. Maybe credit situtation funds ? distressed ? thanks
Citigroup CMO IBD (Originally Posted: 02/25/2013)
Hi, I got one question. Citigroup's CMO is responsible for underwriting debt and equity offerings and distributing newly issued debt. But on Citi's website it also says their Corporate and Investment Banking division "capital-raising services... including underwriting debt and equity securities". so are the responsibilities of IBD and CMO overlapping at Citi partly?
thanks a lot for any helpful replies
CMO is a product group (bonds, loans, equity, derivatives etc) and IBD is a coverage group (real estate, financial sponsors, healthcare etc) (except for M&A, Financial Strategy etc). So if a healthcare company is to issue bonds, the healthcare IBD will work with bonds desk to issue debt. As to who does what, that depends on the group, but usually the IBD folks do the Company level modeling and product group models stuff important to them (covenants, structure, scenarios etc). Some groups such as the real estate finance group do a lot of deals with no IBD involvement. For example if Blackstone were to acquire a portfolio of assets and needed financing on that, the RE group would work on the deal start to finish. Same goes with a CRE CDO issuance, warehouse finance, single borrower securitizations etc.
thanks a lot, that was helpful!
CMO falls under the blanket Corp and Investment Banking division...this is pretty simple third-grade reading comprehension type stuff. All CMO employees work in the IBD but not all IBD employees work in CMO....
Citi CMO exit opps (Originally Posted: 02/24/2015)
Hey Guys,
Does anyone know what the Citi CMO (Citi's version of capital markets) exit opps are like? Do they get the same recruiting calls as bankers for pe/hf?
CMO includes ECM, DCM, asset backed finance, lev fin, risk solutions, loan syndication, securitization, etc.
Also, their LevFin team focuses on execution. Does this mean they aren't modeling heavy?
LevFin will be a step ahead of the rest, but ECM and DCM traditionally don't place well in PE/HF. Citi is middle of the road for LevFin as well (JPM/BAML run the show), and if they aren't doing modeling (idk if they do), that doesn't bode wonderfully from either an experience or exit ops point of view.
believe Citi is in the same boat as GS / MS in term's of their Lev Fin team. Mostly pricing / terms. Very limited modeling.
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