Can someone explain the difference between these 3 groups: Financial Sponsors v FIG v Lev.Fin

Currently a student so I have very poor insight about this. Want to know what exactly is the difference between FIG v Sponsors v Lev.Fin? What type of work/clients does each of these groups deal with? Which one is the most/least technical? Thank you.

 

FIG = Coverage (M&A, ECM, DCM, various random financial products) of financial institutions (Fintech, commercial banks, asset managers, insurance, etc.)

Financial Sponsors = Coverage of PE funds. Try to get the bank involved in sellsides and financings of PE portfolio companies

Lev Fin = Capital markets desks focused on high yield debt (junk bonds + leveraged loans). Often involves LBOs but not always (could just be shitty companies). Role varies by bank but will always be involved with pricing and structuring new issues, driving internal credit committee and approvals, keeping tabs on market conditions.

 
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