Non Traditional Capital Markets Groups?
We all know ECM/DCM/LevFin, but ~20% of interns get placed in the “other groups”. Can anyone provide insight such as day to day, hours, exit ops, and whatever else for the following groups:
Securitized Products Liability Management Strategic Lending Project Finance
bump
Is this at MS?
Securitization: Growing area of IB, basically taking non traditional cash flows from things like fast food franchise fees, mortgages, or student loans and “securitizing” them. Good amount of modeling here and really interesting, unique transactions.
Liability Management: Usually an extension of lev fin. It’s a lot of cash flow modeling, looking at cap tables. Basically looks at companies outstanding debt and manages it/provides recommendations how to lower their interest cost.
Project Finance: Pretty much a traditional IBD coverage desk. Very, very heavy modeling, sometimes more than the traditional coverage groups. Aligned towards energy, oil and gas, renewables, and infrastructure space. Product agnostic as they can do equity, debt, or anything in between. Most closely related to lev fin.
Strategic Lending: Internally facing desk that approves any debt deals a bank underwrites. Ask the question “does it make sense for my bank to do this debt deal for a client” and helps manage the banks balance sheet. More of a “middle office” role.
Yes this is at MS. Trying to figure out what groups interest me the most. Not sure if you are there, but wondering how many interns groups like these take every summer because I'd like a unique experience. Thanks for the in depth response!
Yeah I’m at MS.
Securitization: 2-3 interns
Liability: 2 interns
Project Finance: 2 interns (consistently 2)
Strategic Lending: 1 intern (+1 off cycle)
Lmk if I can answer anything else. Are you an incoming 2023 summer?
Yeah I'd love to talk if possible. Just went un-anon if you could PM because you're anon. Thanks again this is super helpful
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