Trying to raise debt for the first time - Any advice from DCM experts ahead of the project?

Hi, working in Treasury at a building society and long story short we're projecting to raise ~60 million of debt (public bond or private, to be decided) for the first time to fund a residential real estate project (some social housing units and some not). Going to be long term (likely ~30y or more). This is new for us so looking for someone to point me in the right direction to get a reasonable understanding of the key concepts.

  1. How to decide to go down the public bond or private investment route?

  2. Is this type of deal typically syndicated or is it common for some investors to go alone?

  3. What are they key ratios/ metrics the rating agency / investors will be most interested in to determine if they would lend and if yes how much, for how long and at what yield? I want to start pulling and monitoring the right data in a dashboard and equally know what they'll look for in the modelling for the specific RE project.

  4. Typically what type of covenants would be applied for that sort of deal? Need to get an idea of what level of financial flexibility we should be ready to give away for that project.

  5. Any pointer regarding the appointment of a lead manager for such deal?

Thanks a zillion

 

Aut voluptas qui hic quis est. Blanditiis qui corporis sit eum nisi ullam delectus nulla. Debitis itaque eos est cum veniam quia. Adipisci corporis ducimus fuga neque. Sint voluptate sed sint iusto qui occaecati deserunt.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (20) $385
  • Associates (88) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (67) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”