Hey everyone,
I am currently working as a summer analyst at a fairly well-known boutique bank in NYC and have realized that I am very interested in Leveraged Finance and Restructuring. I have heard these groups are often put together and was wondering what are some of the top shops in LevFin and Restructuring. I know that it is going to be BBs mostly, just don't know which BBs have a strong focus in those areas.
Any input would be great! Thanks!
And I am aware it will be difficult to move over after not being an intern at one of these places, especially considering the job market in finance. Just would like to have as much information as possible.
Lev Fin and RX are pretty different. Most BBs don't do RX. You can do a search and see which BBs have top Lev Fin shops; some are more of a capital markets role, with little LBO modeling. All of the well known boutiques do RX.
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Blackstone, Evercore, Lazard for restructuring
Not sure about lev fin but heard JPM has a pretty good group
Debt Capital Markets (LevFin) - best bank? (Originally Posted: 02/06/2015)
Which bank is known to have great DCM teams (Lev Fin in particular) - any sight from people who actually work in DCM? My Bloomberg research shows that Citi and GS are top in ECM but what's the stand with DCM? Thanks!
Lev Fin and DCM are two separate groups.
This
Deutsche Bank has a great Lev fin group
Hi Whiskey, can I please drop you a quick PM in regards to LevFin? Currently hold an offer. Seeking advice.
League tables for Q1 2013(also includes rankings for FY 2012) : http://www.bloomberg.com/professional/files/2013/04/2013-q1-global-synd…
Pretty sure BB aren't allowed to have RX groups
Top Tier LevFin? (Originally Posted: 02/08/2012)
Is top tier Lev Fin (JPM/BAML) still a strong route to get to megafunds. Nowadays, it seems as if Lev Fin teams aren't getting that LBO experience that they once did. An even if an LBO deal comes through the bank the financial sponsors team does the majority of the work. Please correct me if I'm wrong, but having spoken to a few bankers, it seems as if Lev Fin is not as sought after anymore in the world of PE. Is it safer to pursue an M&A product group if PE is a route I'm might decide to pursue down the road.
What are your thoughts? Once again, I apologize if I'm wrong. Please correct me if I am.
You are right. These days M&A skills > LevFin. As you mentioned, LevFin has been somwhat quiet the last few years, so deal experience will be rather thin compared to M&A. M&A skills are also more robust, but i'm biased.
Cheers.
HLHZ for restructuring
I summered in Lev Fin a few years ago and can tell you the best known practices that do their modelling in house are JPM, BAML & DB. The rankings might have moved around a bit and I now hear GS and CS are also doing fairly well. UBS Lev fin used to be one of their top groups but I think that has dropped off quite a bit now with the turmoils in UBS. BB have a very tiny presence in restructuring.
Hl, Greenhill, PWP, Miller Buckfire seem to have strong practices in restructuring along with the other boutiques mentioned above.
i heard that DB LevFin is good in Europe - know a few people who interned there
Thanks for all the information! Only reason I thought they combined those groups was because a friend of a friend at CS said his group is involved in both.
@State of Trance -- Did you stay in LevFin after your summer a few years ago? Any strong positives or negatives that immediately pop into your my mind regarding working in LevFin?
I attended a tier 2 target ie Yale, Dartmouth, Duke, Brown. I was mainly interested in restructuring. Did not get an offer for SA. Did Lev fin and then moved to TMT f/t at one of the top BBs. I had a great experience and would not trade that for anything and contrary to what many people in my group felt I actually loved working in IB in my choice of coverage ie TMT. This was some time ago. Now I am in PE at a MM in NYC/Chicago/sf/la.
For the record, bulge bracket banks do maintain restructuring practices. They are simply very small, very top-heavy (usually more MDs than all other titles combined), do limited work (as you can imagine, due to potential conflicts of interest), and are frequently nestled somewhere within the bank's M&A business. (GS, for instance, has a restructuring team that not many people have heard about. So does MS.) Their most frequent business is distressed M&A, brought in for their expertise not only on valuation but for their relationships with potential buyers.
You would go hire a Blackstone or HLHZ/Lazard if you needed serious advisory on bankruptcy, out of court solutions, or their expert witness testimony. These are situations in which not only financial knowledge and experience are critical, but mastery of the operational and legal proceedings of paramount importance.
I thought DB Sponsors ran the model?
Sponsors probably does run the model... on sponsor deals. But they don't run the debt analysis, and they definitely don't run the model on the other 90% of non-sponsor LevFin deals.
NorthSider is correct. My experience in Lev Fin was great. Gave me a highly technical skill set and used that to leverage an offer at a top BB in their TMT group. Great experience. Loved the work. Only drawback is I was worked to the bone.
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