What is equity capital markets like from within a coverage group? Is there still an operating model to manage? Or would you primarily put together marketing material for the company?
Thanks in advance for any help
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Bump - Any insight into the coverage group's role in equity capital markets deals? Or what's the process like if there's no separate ECM product group, and everything is handled in house?
Coverage group's role depends on which bank I think. I was fortunate to be at a coverage group that puts together roadshow presentations and handle all the modeling. We worked with MD at the ECM group and ECM analysts handled distribution/allocation only. I've heard of ECM groups in other banks that get more involved with the marketing process (roadshow presentation) though.
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That's a good question. Frankly, from analyst role perspective, if your bank is not left-lead, there is not much you do other than signing off on documents which get filed on Edgar, reviewing the marketing materials that the lead bank put together for any errors, and checking press release drafts. For this precise reason, some MDs love getting non-lead bookrunner or co-manager roles because you get paid for no work. I'd check if the group you are interviewing with left-leads deals time to time. So the short answer to your question is no. I'm assuming the coverage group you are referring to is real estate because REITs do lot of follow-ons.
I don't work in Equity Capital Markets but I work with guys who did at BB's. The answers to your initial question are yes, there is an operating model and yes you are primarily putting together marketing material that will incorporate some outputs from that operating model.
However, and this will answer your next set of questions, you are only really doing this modeling and marketing work if you are a lead underwriter. Furthermore, there isn't really much heavy-lifting involved in a follow-on offering as all of that material pretty much already exists for a public company. If you are underwriters 2-5, your main contribution is to oversee the mechanics of the offering within your own firm (i.e. educating the sales people, getting the necessary approvals from the capital committee, etc.). You may have some input into the marketing materials but the lead underwriter is in charge of the drafting. They are also in charge of coordinating, prepping management for and attending the road show meetings.
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