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Feb 18, 2011 - 8:35pm

Hi

Now we are almost 9 months later..

Anybody any opinion? DB indeed has loads of departures to BAML, to Citi etc. I guess that happens if you don't pay your people well enough.

Anybody any view on Europe London IBD Leveraged Finance best platform for loads of deals, complex modelling (not pricing) and client exposure and very good people to learn from?

What is the ranking of JPM/ML/Citi/BAML/DB/UBS/CS for leveraged finance (both high yield bonds and leveraged loans for refinancing of old LBO, new LBO)

Thanks
Pivot

Aug 1, 2011 - 7:54am
pivot1990:
Hi

Now we are almost 9 months later..

Anybody any opinion? DB indeed has loads of departures to BAML, to Citi etc. I guess that happens if you don't pay your people well enough.

Anybody any view on Europe London IBD Leveraged Finance best platform for loads of deals, complex modelling (not pricing) and client exposure and very good people to learn from?

What is the ranking of JPM/ML/Citi/BAML/DB/UBS/CS for leveraged finance (both high yield bonds and leveraged loans for refinancing of old LBO, new LBO)

Thanks
Pivot

DB pay best on the street in London.

You know you've been working too hard when you stop dreaming about bottles of champagne and hordes of naked women, and start dreaming about conditional formatting and circular references.
Jul 31, 2011 - 8:31am

JPM and Deutsche have the top LevFin groups in London. I am also curious to know which ones are next, in terms of modeling complexity and deal exposure. I guess - BofAML and CS (but in CS LevFin and Sponsors are quite interlinked).

According to Thomson One Banker (completed, year-to-date):

EU Lev Loans:
1. DB, USD 6,943MM
2. JPM, USD 5,888MM
3. BNP, USD 4,356MM
4. UniCredit
5. SocGen

EU Highly Lev Loans:
1. JPM, USD 4,642MM
2. DB, USD 3,946ММ
3. UniCredit, USD 2,305MM
4. BNP
5. GS
6. CS
7. BarCap

Global High Yield bonds:
1. JPM, USD 25,837MM
2. BofAML, USD 23,558MM
3. DB, USD 23,490MM
4. CS
5. GS
6. Citi
7. MS
8. BarCap

Jul 31, 2011 - 12:31pm

The numbers paint one picture, but you can't use just that to determine what the best analyst experience will be.

I think DB's a good shop, but JPM and BAML analysts do not run models to the extent kids do in other groups (either at their bank or at another). They'll be run much more like a cap. markets desk. You can say you had $30b of deal experience in your first six weeks, but what's the point if it's all refinancings?

DB is solid. CS Sponsors is solid. GS coverage groups are solid (you'll still get some HY debt experience), MS is good too, but maybe more so for Sponsors. UBS is p. solid in Europe (Sponsors and LevFin are basically the same there at the junior level), I believe, but I don't know exactly how big the London office is.

I'd be pretty wary again of expectations at the firms like JP, BAML, CS LevFin, GS LevFin, Citi LevFin, MS LevFin and BarCap LevFin. A lot of these firms explicitly state that the role is more of a capital markets function (fine if that's what you want to get into, but not necessarily a place to be if you want to gain significant modeling exposure).

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