Hey guys,

I need a little help. I have an upcoming interview with JPMorgan, London for the Frequent Borrowers desk (Full-time). I have interned within DCM before so I know a bit about Origination. But specifically, what all products would this desk be dealing with?

I was thinking something along the lines of - commerical paper and 1 year Term Loans? Am I right? Does anyone have any specific information/advice?


P.S- Frequent Borrowers as in an institutional client who 'frequently' visits the debt markets (bonds, loans etc).. I think.. Its part of DCM and Syndicate at JPM..

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What the fuck is a frequent borrowers desk, if you don't mind me asking? Do you get points for borrowing that you can buy a toaster with? Just kidding, could not help myself. But I am curious.

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Anyone who can be more helpful than the above poster? Preferably, someone who has interned/currently works in DCM/Origination rather than a freshman trying to be witty..


not sure if you have the name confused, or if its different in UK, but this is the frequent issuers group in North American DCM shops.


not sure if you have the name confused, or if its different in UK, but this is the frequent issuers group in North American DCM shops.

Its definitely Frequent Borrowers since thats what the HR guy and the VP wrote in their emails.. but frequent issuers sounds close enough.. So any idea, what products we are talking about here??


Bump.. Anyone?


Edit: Please read post below mine, what I had written here was mostly wrong and misleading.

Best Response

There is a lot of bad information here.

Frequent Borrowers would be DCM for Sovereign or Quasi-Government like entities. Especially in europe, you have more government/quasi government agencies and more currencies to issue with. The group is similar to DCM - but much faster paced and less pitching and more execution. The clients know you - you're more focused on the level and getting interest rate and FX hedges on.

Daemonavn - you're wrong on so many counts. Corporates don't frequently issue - financials issue much more frequently, and in the bond space are much more active. Financials are the bulk of the commercial paper environment, and that market is still huge. Most issuers that can issue unsecured don't borrow secured (except for repo or covered bonds (europe only))


Thanks eric809e for clearing this out. My experience is very limited, aside from LevFin, I hardly know about other Capital Mkts groups. I don't know if it helped the OP but it definitely cleared some things for me!


Thanks guys!
Have revised bond pricing, current sovereign debt scenario- higher yields, inflation etc etc, undergrad macro and monetary econs, central banking stuff taught in monetary econs, as well as FX and interest rate swaps (thanks, eric!).
Its tomorrow, so anyother tips or topics I should brush up beforehand?


might have been an idea to lookup refinancing picture in 2009.
how did it go?

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