WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (39)

  • Analyst 1 in IB-M&A
Jun 18, 2021 - 1:28pm

This is for European High Yield bonds. Totally separate set of players than leveraged loans at least in the US. 

  • Incoming Analyst in IB - Gen
Jun 18, 2021 - 8:09pm

In Sponsor-backed LevFin it goes:

  1. CS
  1. JP
  1. BofA

In general consolidated LevFin:

  1. JP
  1. CS (still very respectable outside of Sponsors but sponsors carries a lot of weight)

3.BofA

  • Analyst 2 in IB - Gen
Jun 18, 2021 - 9:19pm

Per Dealogic, CS is:

#3 Globally in LevFin

#7 Globally in Corporate LevFin (Respectable outside of Sponsors huh?)

#2 Globally in Sponsor LevFin 

#3 U.S. & Canada LevFin

#8 EMEA LevFin 

If you want to talk about growing LevFin platforms: GS, Truist, WF, Jefferies are ones to look at.

JPM and BofA still hold the LevFin market by its nuts, though 

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
  • Analyst 2 in IB - Cov
Jun 20, 2021 - 8:31pm

This is a gross overreaction. None of the bankers CS lost are from the sponsors/lev fin franchise... key figures in FIG left (struggling group anyway) plus head of M&A (obviously a loss but not a direct blow to lev fin or sponsors). 

Will CS lev fin take a hit from Greensill/Archegos? Yes, but not to the extent suggested here. CS has been and will likely remain a top 3 leader in the product (although other players have been gaining market share). The group is historically very strong to begin with so all credibility was lost by saying they're "not that good". 

Jun 20, 2021 - 8:00pm

From an analyst perspective would not recommend GS and JPM as it is more of a capital markets role while BofA and CS is more of a banking role (but that's just me) and also would not recommend WF over CS at all as yes they may do a lot of levfin but do not lead most of their deals (I believe - which is a less in-depth/analytical experience). Just don't want false advice being posted and ruining someones internship/job search - hope this helps!

Jun 23, 2021 - 1:16am

Any levfin ranking that doesn't distinguish between loan vs HY, B vs BB, and corp vs sponsor-backed is trash. Doing BB paper is boring as fuck and yes, it can be a lot of volume but from a credit learning experience is meh. That's where you see balance sheet banks like WF taking market share. The interesting part is working on single B (most sponsor-backed and some corporates). That's where banks with a strong levfin/sponsors practice and with limited BS like CS or Jefferies show it's strength. So if you look at Corporate levfin you'll see CS down in the league tables because most volume is BB (and also in 2020 there was a LOT of BB deals because of COVID). If you look at HY you'll see CS down in league tables (again, because HY has a lot of corporate / BB). None of this has anything to do with the business, the strength of the franchise, etc. It just goes to show that different banks focus on different parts of the market, and as market moves league tables move by mix shift.

  • Analyst 1 in IB-M&A
Jun 23, 2021 - 10:34am

OP here. +1. Exactly why I'm looking for the exact tables lists above. The responses so far have been worthless. 

Most Helpful
Jun 23, 2021 - 10:40am

This is response above is key - you'll get a very different experience doing LevFin at a WFC (corporate refi heavy) vs. a CS (predominantly sponsor / acq financing). Anyone who's actually worked in LevFin knows how boring those double-B, frequent-issuer corporate refis are (and likewise the best-efforts fees reflect this). Great for league tables though

Just speaking strictly in terms of getting LevFin deal experience at the junior level:

- JPM / BAML - they have heavy presence in both sponsor-related financing & corporates, so it's just a matter of staffing on whether you get on the acq financing deals vs. corporate refis. Lot of lead-lefts, but note at JPM, the credit memo is run by their IB Risk team, and their LevFin is really more of a terms / pricing team.

- Citi - Similar to JPM / BAML but just with (relatively) less volume.

- WFC - corporate refi heavy, very little sponsor backed financing (if they are involved, they are typically on the right with v little economics, usually just brought in last min to fill out RCF holds)

- MS - I don't see them in as many deals as you would expect but when they are involved, they typically are lead-left or hold high percentage economics. Usually involved in large corporate M&A type financings (likely leveraging off the relationships from their strong M&A franchise)

- GS - used to be similar to MS style but ever since their push to grow their LevFin business in around 2016, they've grown their presence in more corporate type (read: balance sheet heavy) refis. Standard success story of leveraging their M&A relationships to win more LevFin (or pretty much all types of) financing business. Note one unique thing about them is that they got a large Mezz fund in their merchant banking arm that they aren't afraid to swing around. So in hairy situations where the Company needs some sort of subordianted / mezz financing, GS would tell the client "hey our internal mezz fund can provide that missing debt piece you need, but in exchange you gonna need to give us the lead-left role for the 1L TL syndication" or something along those lines. With that said at the junior level, note their levfin groups are more capital market roles (you just running cap tables / debt comps / term sheets type of stuff) rather than a true (model-intensive) banking role, for what it's worth.

- CS - extremely sponsor / acquisition finance heavy. LevFin is like almost half their IB advisory side revenue. More importantly at the junior level, LevFin / Sponsors here is a true banking role where you hold pen on the model. They have a separate LevFin execution team (I think it's called Transaction Execution Group or something like that) who deals with all the terms negotiations / funds flow closing stuff, so their origination teams can focus on the modeling / due diligence. Can't comment on departures post the Archegos / Greensil blowups but friends there have told me their Sponsors / LevFin teams have stayed pretty much intact. Makes sense since LevFin is pretty much CS's crown jewel (and their comp likely reflects this)

- BARC - used to be more like CS style where they were sponsor heavy but expanded aggressively to get more of the corporate refi business - at this point they are a big player in both acq financing and corporates. Think general consensus across the street is that BARC IB franchise (not just LevFin) has been on the upward trend in the last couple years (in contrast to DB, and now CS). Note their LevFin group is also more a cap markets group (like GS/JPM).   

-  JEFF - think these guys don't get talked about as much here but if we are talking LevFin, JEFF def needs to be in the conversation. Very sponsor / acq financing heavy, and moreover they are an unregulated bank so have ability to underwrite deals that typically turned down by the BBs. LevFin makes up a huge portion of their IB revenue, and I believe is the cornerstone of much of their other IB business.

Just my 2 cents. 

Array

  • 14
  • Analyst 2 in IB - Gen
Jun 23, 2021 - 12:24pm

+ 1 on Above - Agreed on essentially all the above, though would also note UBS Sponsors/LF is nearly identical to CS. All comments regarding structure, presence, daily work, etc are accurate for both.  Also by far largest fee driver there. Deutsche LF used to be in conversation with these two but have fallen off recently obviously. 

On Citi - Idk where they get the revenue from but rarely see them lead anything in the single B rated landscape...maybe that is just me but I was shocked at how uncommon it is to see them on deals. 

  • Analyst 2 in IB - Gen
Jun 30, 2021 - 8:52am

Current second year at JPM LevFin - this comment is spot on.

From my experience it's been about a 50/50 split between between traditional refi's and sponsor/acquisition financings. Would note that this definitely varies depending on what sub-vertical you're in (TMT, NatRes, Industrials, General Industries), but you'll still get a fair mix in any.

Also you make a great point on Jefferies and I agree they don't get the rep they should in regards to LevFin. I wouldn't doubt it's still a great experience at the analyst level given what they're able to underwrite.

Jun 30, 2021 - 12:11pm

Similar to my comment on RBC, they don't really ever lead these but come in for small econs on many deals. Their biggest levfin deal fee wise was a French name (Cooper) then it looks like they had joint roles on some big issuances like RealPage, TricorBraun, etc. 

Jun 30, 2021 - 12:37am

Does anyone have any views or know anything about the RBC LevFin group? I've heard they have separate LevFin, capital markets, and sponsors groups. Seems like they are growing super fast.

  • Analyst 1 in IB-M&A
Jun 30, 2021 - 1:00am

They are pretty focused on BB and B+ rated HY bond issuance as opposed to the 7x EBITDA LBO financing of the non-bank arrangers. The Canadians like to keep a lid on their risk. That being said, it's a solid group and they do a lot of transactions. 

Jun 30, 2021 - 12:16pm

RBC Left lead - LBO (Apollo)- Verizon Media 1.5B TLB. Odd structure - this launched June 30 (today)-

Verizon Media launches $1.5 billion, two-tranche TLB financing for Apollo buyout; lender call July 8

An RBC Capital Markets-led arranger group this morning launched $1.5 billion of term loans backing Apollo Global Management's approximately $5 billion acquisition of Verizon Media, setting a lender call for 2 p.m. ET on Tuesday, July 8, according to sources.

The six-year institutional financing is evenly split between two tranches, a $750 million tranche with 5% annual amortization and a $750 million high-yield-style tranche that will be non-callable for the first two years with no amortization, sources added.

The issuer is also putting in place $500 million of holdco notes, which have been privately placed, as well as a $150 million, five-year revolver.

RBC, Barclays, BMO Capital Markets, Deutsche Bank, Mizuho and Jefferies are arranging the loan.

The transaction was announced in early May. Closing is expected in the second half of 2021.

Verizon (NYSE: VZ) will retain a 10% stake in the company, which will be known as Yahoo at closing. Verizon Media comprises brands such as Yahoo and AOL, along with other ad tech and media platform businesses.

Under the agreement, Verizon will receive $4.25 billion in cash and preferred interests of $750 million alongside the 10% retained stake. The deal includes the assets of Verizon Media, including its brands and businesses.

Jun 30, 2021 - 1:30am

Yeah I have all this, with the underlying deals to filter n play around w.May not have 1Q21 on my computer today, but give me a couple days to source if we discuss offline and it's crucial. but have l2018, 2019, 2020 and generally the same conclusions

Jul 27, 2021 - 3:06pm

One cool thing about Macquarie is that since they aren't a SIFI, they can do co-invest. They have a fairly large (proportionate to their deal flow) amount of capital available for merchant bank/coinvest kind of stuff. 

Oct 14, 2021 - 3:27am

Est veritatis dolor amet ut aut et. Perferendis atque deserunt consequatur nihil dicta quo sed iusto.

Saepe autem eum ipsum distinctio optio sapiente. Voluptatem vero nesciunt veniam magni iste necessitatibus. Repudiandae et fuga dolorem repellat impedit quia quo. Debitis sequi veritatis doloribus consequatur ad in at deserunt. Vitae vero facilis accusamus placeat ut labore. Dolor aut in natus quo ad.

Dolorem eligendi ipsam velit quo quisquam in. Neque explicabo officia minima omnis eos aperiam amet. Aperiam deserunt voluptatem est minima dolorem vel aperiam at.

Illum est consequatur tenetur provident sed dicta ut. Consequatur laborum maxime ut nulla quo. Dolore qui error non in laboriosam saepe quidem. Cum minus deserunt aperiam ea aperiam fugiat. Vel occaecati quam dolor id sint earum id. Non ullam molestias sunt quisquam. Pariatur saepe commodi illo occaecati nesciunt et tenetur.

Start Discussion

Total Avg Compensation

October 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (228) $232
  • 2nd Year Analyst (137) $154
  • 3rd+ Year Analyst (30) $147
  • Intern/Summer Associate (103) $143
  • 1st Year Analyst (499) $135
  • Intern/Summer Analyst (385) $83