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DCM: Origination vs. Syndication
Hi everyone, Could anyone explain the difference between Origination and Syndication? There seems to be some overlap, but my understanding of the two at the moment is as follows (and I'm unsure if I'm right): It seems that origination pitch for deals, feed market updates to potential investors, but...
DCM to MM PE
What kind of exit opps with MM PE firms can I expect after spending several years in DCM (analyst program and associate if opportunity is there) with a MM in the mid Atlantic region (Philly)? Dealing mostly with investment grade debt but also some high-yield. Would I need to go the MBA route to move...
DCM Exit Opps help
What kind of exit opps are typically available after a 3 year analyst program in DCM group at non-BB but reputable firm? PE or HF? Transfer divisions?
Take DCM Role to get into banking? Move to Lev Fin?
What is everyone's thoughts on taking a DCM role at a BB and then later trying to get into Lev Fin? Is this smart/doable? I'm more interested in the debt/credit side of deals and less so any specific industry.
Just signed offer letter joining ECM group at a BB..feeling miserable..
So I just got my offer letter to join ECM group at a BB that expired today, and I sent it in. It was my only offer despite numerous attempts at networking along the way. I feel like this offer is worthless and I'll never get to where I want to be ( HF ). I just see no exit ops at all within ECM and...
Has anyone worked in HR before?
I have a few questions regarding why you work on certain tasks, and would love it if someone was available to chat! Thanks
Technical Questions for DCM Interviews
Hi, I am a rising junior and I am going to apply for DCM Internship positions for 2015. I am an econ/math major and I definitely lake background in finance compared to peers who've taken a course such as Investments and Fixed Income & Derivatives. How am I supposed to prepare for technical parts for...
Credit (IG Corporate) Research/Comps -- Where to begin?
Hi all, Wasn't too sure which forum to put this in.... I'm interning in DCM and was asked to do some due diligence on a few companies in the agricultural space. Was also asked to provide comps in agr . and corporates/credit in other sectors. Aside from looking at ratings, maturity schedule, issue...
Core Skills - DCM (Commercial Bank)
Hi guys, I'm looking for some advice regarding DCM as I've got an interview for an internship next week. It's for a commercial bank in Australia, which for reference sake, have institutional/corporate banking teams, but predominantly focus on DCM though they do have involvement in ECM (Though...
Differences between senior and subordinate debt
Hi, Could anyone please explain the difference between the senior and subordinate debt? I have Debt Capital Markets (DCM) interview tomorrow so I would appreciate if you can tell me any other interview questions and answers that I should be prepared for. Thank you!
PubFin vs DCM vs ECM pay progression
Looked around for this but I have not found anything either recent or relevant - for anyone currently employed in these groups, could you share what the general pay progression is for for PubFin, DCM and ECM folks (at a BB or top firm)? Thanks!!!
HELP: MS GCM vs JPM Investment Management
Hi everyone, I have been fortunate enough to receive summer internship offers form MS Global Capital Markets ( ECM / DCM ) and JPM Investment Management . It's for their US Equity Behavioral Finance Fund with around $20bn under management. For more detail please google " JP Morgan Behavioral...
Fees for Administrative Agent on a Loan Syndication
For anyone who has experience in DCM /Corp. Banking, what do typical fee structures look like for the administrative agent? What roles does that bank have?
BB DCM vs. MM PE shop
Hi, I am a fresh graduate weighing a top 3 BB DCM analyst between an MM PE shop (only invest in private company with small dealflow) offer. Assuming the long term goal is doing PE , which one would you choose?
Capital Markets IBD Promotions
I've read a few posts on WSO that says its much easier to get promoted from analyst to associate if you're working in DCM / ECM . Why is that the case?
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Corp treasury to DCM?
Is Corp treasury to DCM an unreasonable jump???
RBC Global Markets VS BNP Paribas Structuring NYC?
RBC GM- DCM VS BNP Paribas structuring? both are in NYC , SA offers Please tell me which one is better in terms of FT offer rate, placement etc
2012 DCM League Tables
Hi all, Below are attached the Global 2012 DCM rankings. If there is interest, I can post similar tables on: ECM , M&A , Loans, Trade Finance, Project Finance. Call your attention to the first chart, you'll see the deep cuts that Citi and UBS have made reflected in their dropoffs from 2011 levels....
Need advice! Any and all!
Okay so here's my situation. I am a bit of a late bloomer so to speak. Just graduated from a non-target MBA and looking to start my career in finance. Applied to an unpaid internship ( DCM analyst) at a start up brokerage firm and got called in for an interview. Had first interview that I felt went...
DCM vs. Equity Research
Hey Everyone, which division would you prefer, and why? I see limited exit opportunities at (investment grade) DCM , but job stability as some institutions are always issuing bonds (banks, governments). ER seems much harder to break in, but offers more exit opps (especially buy side). How stable are...
What are some common acronyms used on WSO?
If you are confused by all the lingo getting thrown around Wall Street and the WSO forums, you've come to the right place. We know it can be confusing but don't worry, we are here to help! Below you will find a comprehensive list of finance acronyms for words and phrases in finance. This is a great...
DCM vs Credit Risk
I recently received full time analyst offers from both credit risk and DCM at a BB (think GS /MS). I am not sure which is the best option for me if my long run goals are to go into industry coverage IBD or manage a corporation. Credit risk will give me solid training in corporate financial analysis....
Commercial lending & levfin/DCM deals
I'm interviewing with a management associate program for a commercial bank in HK in a few days. Not IB but from what it seems like associates get some exposure to club deals, leveraged finance deals, bond issuances, etc. I'm curious as to what role commercial bankers play in the deal process for the...
ECM vs. DCM - Specialties of IB?
If there is anyone here, can you elaborate on these specialties of IB? I haven't really gotten any thorough explanations of the functions which DCM carries out within an Investment Bank. I have a somewhat better understanding of ECM which is why I currently have a greater interest in it. Also, what...
Books for interview prep in debt capital markets (at least capital markets related)
Hi I am currently applying to various banks to land a full-time offer or a trainee position in the field of debt capital markets . Therefore I am looking for some interview prep books which cover the relevant material, especially HOW something is done in real life. The reason for this is that during...
DCM Analyst Interview at Credit Agricole CIB
I was wondering if anyone has experience interviewing with Credit Agricole CIB for a DCM analyst position. I was looking around and didn't really find much on Glassdoor for CA CIB. The best I found was just reading up on DCM on mergers and inquisitions. From what I gather what I should be focusing...
Union Bank (LA) - Power & Utilities
I haven't been able to find much info on Union Bank at all. I probably lacks the prestige factor most monkeys on here seek, but I'm hoping to gather some info on them. I know they don't have a traditional investment banking division, but their Power and Utilities group does work similar to a DCM...
DCM Sovereign Coverage
DCM gets a lot of flak and covering Sovereigns' needs in the debt capital markets would traditionally seem like a pretty dry role at any other time in history. However, given everything going on with Europe and the fact that this exact issue (Eurozone countries and like facing troubling times in...
PE/HF the dream
Hi Guys, Currently have a FT lined up at BB in EMEA DCM FIG , (think GS , MS, RBS) having completed SA at MM PE shop think (KKR, CVC, 3i), but debating whether to accept FICC trading offer at PWM boutique specialising in EU CDS arb. What are your thoughts regarding exit opps? Ultimately want to be a...
Help: Anyone remember the article about cheating bankers pricing bonds etc.
Hi everyone, I need some help finding an article I came across here. It was about an ex-banker (possible DCM ) that told the story about how his desk used to cheat corporations on how they priced deals (bonds etc.) and took a cut no matter what. It's the way the presented percentages or something....
DCM vs. Traders: Who is the tail
Friend wants to get on a DCM team. He is very good friends with head of Credit Trading. I'm in M&A so pardon if wrong but I think of DCM as supplying debt for traders to push out: the dcm team the source of lead, the traders the alchemists turning it to gold. Would it be logical then to think that...
Investing Vs Underwriting in DCM/LevFin/Commercial Banking
Bankers, If someone works at a Debt Capital Markets Group (at Credit Suisse or Morgan Stanley or DB ) as an Associate and helps raise debt capital for a client then is he underwriting debt ? (My guess is yes) If someone works in Golub Capital and makes a Term Loan B investment of say $5mm in a...
FT DCM from Risk Consulting Internship??
I am currently interning at a consultancy firm that specializes in credit risk. I'm probably going to get an offer and what not but I have decided that I don't want to do risk so I'm looking to make the switch to DCM for FT . I didn't really apply for anything other than risk so I'm not sure what my...
Swedish student aiming for London/Singapore/NYC
Would love to receive any criticism regarding my resume. Swedes are usually "mediocre" in their description of themselves and/or their activities. In banking this seems to be kind of contra productive. Grades are only pass / pass with distinction and really doesn't tell you much about the candidate....
Transition - Harder to break into typical M&A after a top MBA?
I have a career question. I have been employed in financial consulting offering services related to risk management: illiquid securities and derivative valuation, loan due dilligence, VaR modeling, stress tests etc... I work for a highly respectable global firm and am currently thinking about...
Equity/Debt Capital Markets (ECM/DCM)
I am looking into a career in ECM / DCM and was just wondering if anyone could provide input. Thanks. For most of the mid tier to top tier banks, is ECM considered to be within investment banking or equities/fixed income? Does that change the function/responsibilities? What is the function of ECM /...
DCM at 2nd tier to LevFin at a BB: Steps to take
I'm starting in DCM at a pretty senior (though not BB) European bank (based in London) this summer. I voluntarily chose the DCM group but now after a little thought, I think I might improve my future prospects by switching to Leveraged Finance, if possible at a bulge bracket. My question relates to...
DCM To....
Hi Guys, Had some queries for people who are experienced in this area of expertise. I am a first year analyst at a top BB (think MS/ GS etc .) and I work in DCM within the high grade sovereigns team. While initially interested in this sort of work, I have found myself more interested in the...
DCM - considering moving from M&A
Just want to hear your views on DCM and why it ISN'T a great career choice? I am working for a major bank in London and am considering moving to DCM (not sure which area as yet) from M&A . The way I see it: - Closer to the markets, so more interesting / more varied work - Much lesser pitching, 10...
Job transition help
Hi - I am currently working as a 2nd year analyst at a BB in a prime brokerage financing role (equity repo ). At my bb , you interview for associate promotion within S&T at the end of your second year. I have enjoyed working on structured repo trades, and submitted a resume to the associate S&T...
Signing a contract while being contractually employed
Hey fellas. I'm in a bit of a bind and need some advice. I'm currently at a BB doing DCM , which really isn't what I wanted and I took the job just because it was all I had confirmed at the time. Been doing this fulltime for 3 months now, since September. I've also been interviewing and now have an...
What is Securtization in DCM?
I searched the Internet and got confused with all these different definitions of securitization in DCM . Can someone please explain to me a little? Appreciate it in advance.
ECM, DCM, LevFin in Hong Kong?
Hi guys, for those who're familiar with the Hong Kong (or China) market, can you please clarify this for me? Some people told me that DCM and LevFin there are very small - don't have a huge market. Is this true? Then how do PE firms there raise capital ?
Resume for DCM Analyst?
I've spent the last 1.5 years in investment-grade DCM at a bank in the 4-7 spot on the league tables. I'm looking for a change, and it's not because I hate DCM , but rather I feel (probably like most junior bankers) that if I don't get out now, I'll be pigeonholed. I'd like to get into PE or a...
RBS DCM undergrad
Can I apply to RBS as a second year? (for americans this is like junior year) I went online and when i tried to submit my application, they said I HAD to be in my penultimate year...whats going on? also, RBS DCM ...if things did work out for next summer..should i take the offer?
Lateral transfer from Japanese bank in Tokyo to US BB IBD
I'm currently a first year analyst in DCM at a Japanese BB in Tokyo. Not gonna lie, I fucking hate it. I'm fluent in the language so initially I thought it'd be a good experience for the future (I definitely intended on working at a bank in the states before going buy-side) but now I see my flaw of...
Debt Financing Models
Studying up for an LevFin interview. Don't know a whole lot about debt financing models, but do understand lbo models pretty well. I'm hoping that someone could explain how debt financing models work? A general overview would be fine, or a in-depth description would be really great. Thanks!
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