Ever heard of such a group?

HBK's picture
Rank: Senior Chimp | 16

Would the "Asset Backed Securities" group of an IBD be a worthwhile internship experience? Assuming the goal of IBD -> PE -> Greatness, of course. Seriously though, not very familiar with such a group and would appreciate some insight.

Description: [Group] is a leader in ABS and MBS underwriting and origination. Provides full service securitization, origination, valuation, structuring and distribution services. Provides secured asset-based lending facilities, creates customized financing solutions across diverse asset classes including: auto; credit card; student loan and residential mortgages. Coordinates and works closely with Syndicate and secondary trading. Client base consists of top national and international consumer finance and financial institutions

Role: Support analysts and associates on current, in-process securitization and lending transactions
Coordinate deal closings with such groups as outside legal counsel, rating agencies and corporate trust departments in addition to multiple intra-company departments (Legal, Operations, Finance, etc.)
Assist with marketing presentation preparation
Provide updates to company qualification database
Update departmental work-in-progress database of current deals
Assist with preparation and distribution of deal related information
Assist in construction of a morning updates for clients featuring market data, research and market flows
Assist with client on boarding and organization of other documentation, such as corporate agreements
Support Syndicate Trading desk

Sound any good? Front office or not? Leverageable to a more traditional IBD offer for full-time (at same bank or other)? Any insight into what I'd actually be doing would be much appreciated.

Would you pick this group or Equity Capital Markets?

Thanks in advance.

Comments (12)

May 24, 2010

I'd take ECM. Too much volatility in ABS/MBS. Your full time offers could blow up if this economy turns for the worse once again. ECM provides better leverage against an economic downturn. In terms of experience, I would say they are both comparable.

May 25, 2010

Any other input?

May 25, 2010

Asset Backed Securities=The people who caused the financial crisis

May 25, 2010

ECM will be better if you want to do IBD

May 25, 2010

^Agree.

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May 25, 2010

any real ibd group better than ecm but ecm is prob better than this group. no idea what abs is but its definitatly not a ibd group. ibd groups are like M&a and tmt and stuff.

May 25, 2010

Ok sounds like ECM is better, but could someone who isn't a Prospective Monkey confirm?

Jun 7, 2010

The downside of ABS is the work will be very specialized and probably not so applicable to traditional IB. But there are many transaction participants when it comes to ABS/MBS, so like the job description indicates, you'll most likely get a chance to work with different professions.

May 25, 2010
Equities in Dallas:

Would the "Asset Backed Securities" group of an IBD be a worthwhile internship experience? Assuming the goal of IBD -> PE -> Greatness, of course. Seriously though, not very familiar with such a group and would appreciate some insight.

Description: [Group] is a leader in ABS and MBS underwriting and origination. Provides full service securitization, origination, valuation, structuring and distribution services. Provides secured asset-based lending facilities, creates customized financing solutions across diverse asset classes including: auto; credit card; student loan and residential mortgages. Coordinates and works closely with Syndicate and secondary trading. Client base consists of top national and international consumer finance and financial institutions

Role: Support analysts and associates on current, in-process securitization and lending transactions
Coordinate deal closings with such groups as outside legal counsel, rating agencies and corporate trust departments in addition to multiple intra-company departments (Legal, Operations, Finance, etc.)
Assist with marketing presentation preparation
Provide updates to company qualification database
Update departmental work-in-progress database of current deals
Assist with preparation and distribution of deal related information
Assist in construction of a morning updates for clients featuring market data, research and market flows
Assist with client on boarding and organization of other documentation, such as corporate agreements
Support Syndicate Trading desk

Sound any good? Front office or not? Leverageable to a more traditional IBD offer for full-time (at same bank or other)? Any insight into what I'd actually be doing would be much appreciated.

Would you pick this group or Equity Capital Markets?

Thanks in advance.

was this job description written and posted in 2006?

May 27, 2010

Just so you're clear, given the prior comments, ECM will not give you private equity exit opportunities. I'm not arguing against it overall, but, given your stated goal of PE, it will put you at the bottom of the pile of bankers' resumes. During associate interviews, we actually ding anybody that says they want to be in ECM because it is known as being very light on hours and a non-transferable skill set. Realistically, you can't expect incoming analysts to know this, so we don't view it as harshly as a potential associate that should know, but I just wanted to give you a heads up on how it is viewed.

ABS/MBS would play well into a credit role at a hedge fund or a related trading desk, but, to be perfectly honest, I don't feel qualified to give you much more info than that. I don't want to be misleading.

May 25, 2010

Thanks for the insight -- my question is more, how well will ECM internship experience set me up for success in full-time recruiting for M&A/LevFin/Coverage groups (as I know those are best for PE)? vs. ABS/MBS? vs. a group I described in this post: //www.wallstreetoasis.com/forums/corp-fin-risk-solut... ? Thanks

Also, when you say "we", do you work in banking or PE?

May 27, 2010
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