SPACs
Do IB analysts working with SPACs get modeling experience? Do the banks work on both underwriting and finding a target company? What banks are the top SPAC banks and in what team does the team fall within?
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Bump. Believe some banks have a SPAC team in ECM that works closely with coverage on the product. SPAC team does their own product-specific modeling
Oh lord this thread has a whole different meaning in Britain
a SPAC is a 2-part process. first the IPO of a shell company. then the use of the IPO proceeds to purchase a company.
ECM handles the IPO and M&A/Coverage handles the purchase. simple as that.
Do most banks have a SPAC team or is this a relatively new product group overall?
Credit Suisse has dominated the past few years (google SPAC league tables and there are a couple sources) along with Cantor (interesting) and Citi. Goldman, Deutsche, and BofA are the only others that seem to be moderately active.
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I’ve working on 2 SPAC IPOs. Both ECM and Coverage work on the marketing materials. ECM did more for the IPO, we did more for the acquisition. Super simple and quick IPO process since there’s nothing significant to model. The fees/time given to the project is astronomical. Much simpler than a standard IPO, which is one of the worst fees/time transaction.
Does your bank’s ECM team have a specific SPAC group?
Yup
would working for a successful SPAC open doors into PE?
^^no
Amity recruiters disagree.
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