Questions -Debt Capital Markets
Hey everyone
It's been quite hard trying to get some info regarding DCM on here was hoping to give it another shot. Even if you don't want to answer the questions below any type of insight regarding your experiences in DCM would be appreciated
A few questions:
With the likelyhood of the fed increasing rates on the December meeting how do you see dcm issuance outlook ? (IG, HY)
I understand that in dcm theres very little modeling but regarding any type of analysis what would be expected from a DCM analyst ? (Analyzing credit spreads ? LBO at all? )
How realistic is it to lateral from DCM to leverage finance ? Also is it even a possibility to get from DCM to a debt fund ?
As for interviewing coming from a background that deals with fixed income analytics does the interviews seem less technical heavy ? Would one even go through studying DCF, etc for interviewing ?
Appreciate the feedback and really hope someone helps answer these for me.
Thanks !
I summered in DCM - would do something / anything else.
As for your questions: issuances will decrease, very little modeling (definitely no LBOs) maybe some bond pricing and debt comps, unrealistic for both, not technical at all - interview will be mostly about markets.
If you have any other opportunities at all, please do yourself a favor and pursue those. DCM is absolutely terrible, unless you know 100% that you would be okay with a career in it, DO SOMETHING ELSE.
@WhitePartyHat
Hey appreciate the feedback there .
How about using it as a lateral to leverage finance ? My background is from a non target and currently work at a financial tech company covering the fixed income desk ( like Reuters , Bloomberg, Cap IQ) so getting into coverage groups for me personally has always been really hard to get interviews and I was thinking dcm might be a good way for me to get in the door.
When you were interning there how did the analysts enjoy it from your perspective ?
Depends on the bank.
It's not a difficult transition at GS/MS/Barclays/Citi because both DCM and LevFin are Capital Markets oriented aka LevFin doesn't really model and just does pricing stuff. However it would be tough at BAML/JPM/UBS/DB/CS where LevFin holds the lbo model rather than Coverage so they get more of the traditional banking skillset.
The analysts were always trying to switch into Coverage/M&A and it made for a rather depressing work environment.
Totally agree with White Party Hat that it depends on the bank - however I'd like to note a couple corrections:
If you're going for general finance experience, I'd go for a strong coverage group than a product group.
Hey appreciate the feedback there .
How about using it as a lateral to leverage finance ? My background is from a non target and currently work at a financial tech company covering the fixed income desk ( like Reuters , Bloomberg, Cap IQ) so getting into coverage groups for me personally has always been really hard to get interviews and I was thinking dcm might be a good way for me to get in the door.
When you were interning there how did the analysts enjoy it from your perspective ?
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