Have a super day on Friday for SA 2020 BB LATAM DCM. I understand debt, bonds, and fixed income products from exposure to real estate secondary market, classes, and reading. I also know my IB technicals cold. What should I read to understand more about about the industry right now and what is going on in LATAM DCM.
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I interned in LatAm DCM.
What they'll really want from you is:
1 - Show interest in markets 2 - Show interest in LatAm 3 - Be comfortable speaking Spanish.
If you know basic bond terminology (above par, below par, yield curve, g-spead, t-spread, z-spread, etc.) it will be of help but those are all things you mostly pick up on the job.
Best way to prep, in my opinion, would be to study major political/economic events in major LatAm Countries (Mexico, Brazil, Colombia, Chile) and think to yourself how this would impact debt issuance activity.
Learn about quasi-sovereigns if you can as they make up a large percentage of issuance. Pemex, Petrobras, Ecopetrol, etc.
Understand that bonds are priced based off of prior issuance by the company and how comparable bonds are trading in the market right now.
Have a solid story for why DCM as opposed to traditional investment banking (M&A, LevFin) and why LatAm
This is all on point. Make sure you have a good story for why LatAm and why DCM and know where the bank stands in the latam market. To echo what was said above, current events is a huge talking point so make sure you know what’s going in the main markets (Brazil, Mexico, Colombia, etc) and how this may effect market activity now and moving forward. Mainly, people just want to see how you think about things relating to the region and how everything is kind of interconnected.
More specifically, look into AMLO and some of his policies and proposed reforms and how markets have reacted, look into the most recent slowdown/recession in Brazil, the Odebrecht scandal and all the countries effected, Inflation and the upcoming election in Argentina, all I can think of right now.
Thank you!
Thanks for your advice!
Thank you!
What is the main difference between Lev Fin and DCM? Is it the size and scope of the companies/issuances they deal with?
DCM is debt intruments with rates below 5% LevFin is the same but above 5% (also called high yield)
Thank you
I do not know much about DCM or Lev Fin apart from sovereign debt and derivatives tied to indixes acting like fixed income instruments. However, I have a good understanding of how Mortgages are pooled and then securitizied to form CDO, Mortgage Debt Instruments, etc. How much overlap is there between what I currently know and what I need to know for Friday?
None – LatAm DCM does not do securitization/structured finance (there's separate groups) and the capital markets down there usually don't have the required level of sophistication. Focus on understanding what drives debt issuances and the markets in LatAm
Ok thank you!
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Just left superday. Very useful information thank you. The help provided was spot on.
Glad to hear. Good luck!
Thank you. Once I hear back I can go into detail on what they asked so anyone going through the process can use this thread.
Thanks a lot!
So I heard back a few weeks ago and basically I was told that I was good but not good enough. I was not told yes but I was not told no. I was told they would reach out to me some time in the future to see if I was still interested in the role. From the tone of the email I was sent, I can imagine that A) Someone else was given the offer and they have not accepted yet or B) They have not made a decision.
As of writing this, it has been 3 weeks since I interviewed and 1 week since I was given a response.
Forgot to come back and edit this. Was told they only take one intern per cycle because team is very small. I was unfortunately not that intern, but the VP and MD who interviewed me called me back and asked me if I was interested in another LATAM team because I was a strong candidate. Interviewed for 2 more roles at firm and secured both offers . Ended up going to another firm but was great experience.
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