Bulge Bracket vs. Boutique - Lev Fin. & M&A
Can someone break down what are some of the benefits of working at a smaller bank vs. bulge bracket? Smaller bank meaning Jefferies/Antares/RBC since any smaller are not player in Lev. Fin.
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A smaller bank meaning RBC? So confused.
you get to tell your buddies you swing 7.0x+ levered cov-lite L + 300 loans on a daily basis
Yea that breakdown that you gave makes 0 sense. Jefferies is a decent sized MM shop, I have never heard of Antares, and RBC is a large full service bank.
Do you want to know the general differences between bulge vs boutique banks? Because if so there are a million threads on that...
Or the differences between Lev Fin groups at these banks? Because you also mention M&A in the title. Not really sure what you are asking.
what an incredibly clear post, RBC is counting on its balance sheet mainly, hence does a lot in LevFin. Jefferies is a strong MM shop, especially if you want to stay in banking for the long term. And no clue about your no name boutique, seems like a private lender for MM LBOs.
Antares isn’t a no name boutique. It’s one of the biggest direct lending platforms (similar to Ares/Golub).
All three compete with each other a decent amount. RBC has a strong balance sheet but tends to play in the middle/upper middle market; Jefferies is extremely aggressive on terms and execution which has led to large share gains; Antares double dips as far as competing with direct lenders (Ares/Golub etc.) while also providing market executions (a la Jefferies). All 3 have led and co-led numerous deals with each other.
You may want to take a look at the league tables for LBO financing.
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