I have the choice between 2 offers with CS: the Financial Sponsors team or the Leverage Finance team.I've been told that CS FS team originates and executes its own deals, but not sure about their reputation. Also, I've been told by the LevFin guys that they were one of the top team in the City - but most of their job involves corporates (80%+) as opposed to Financial Sponsors given the current market, and they do some restructuring stuff as well.
Already spent 2 years in M&A (did one internship a large PE fund too) - which offer should I pick to be best placed to go to PE over the next 12-18 months???
Credit Suisse: Financial Sponsors Group vs Leveraged Finance
from certified user @wookie102
They've traditionally been regarded as the best FS group on the street, by a long shot
The general consensus here is that the financial sponsors group is the ideal choice. The financial sponsors group is ranked 3rd overall in fees generated. They were also part of the largest leveraged buyout ever (TXU). The financial sponsors group acts like a coverage group. The vertical being buy side firms. Leveraged finance handles underwriting and high yield debt.
from certified user @GameTheory
FSG is essentially a coverage group for financial buyers. They operate similar to any other industry group. They may bring buyside ideas to sponsors, pitch different exit options with supporting analysis to sponsor owned companies, etc.
Leveraged finance has one hand in the IBD and one hand on the capital markets. They have a good idea through their friends in DCM and the trading desks about how much paper the market will take and what the pricing will have to be to clear the markets. They can give FSG a good idea of what the realistic pricing is for the amount of debt needed to finance an LBO. Sometimes, when there isn't a whole lot of wiggle room, differences in pricing can have a sizable effect.