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Urgent: JEF LevFin Offer (Lateral From M&A)
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ECM to M&A Interview
How would you answer this during interviews - Why do you want to move from ECM to M&A? How do you sell your ECM experience to come off as a strong candidate?
UBS LevFin NY/London
I see UBS LevFin are hiring in US/NY and UK/London Pls can I check any thoughts on market position, in terms of deal flow, culture and exit opps? If I was interested to switch to M&A/corp dev later how difficult might that be? Lastly how easy is it to move countries with IBs? I did read a few other...
Second job move in two years? Looking to move from Corporate Banking to LevFin
I started my career at a big 4 accounting firm and moved to a Corporate Banking role after one year. I've been in this Corporate Banking role for a year now and have worked mostly on leveraged deals. I am looking to make another jump to LevFin at another bank. Should I wait or make the move now? I...
Special Situations/Workout to Leveraged Finance
Hi! I graduated 2018 and spent the first 2 years working a controller for a global non-financial company. After that, I decided to start to work for a bank in Europe as an analyst in their workout/special situations group. I am currently in the same position today and I really enjoy my role....
Is LevFin more prestigious than M&A?
Hi all - subject pretty much speaks for itself. I have a few buddies interested in leveraged finance groups purely for the reason that it "sounds cooler" and "levering up companies is fun". Thoughts?
CS vs DB full-time offers
Have an offer for DB LevFin (origination) and CS Industrials (both in London). Looking for advice which one to take.
Resources to learn about Levfin market
Hi Monkeys, I am interested in reading more about levfin deals and the current market conditions, any current analysts have recommendations/resources? Tried looking for prospectuses online, but most seem to be private placements so struggling to find content.
Nomura CFS SA 2022 London - Interview questions
Hi everyone, I just received an invite for a final round from Nomura's Client Financing Solutions division (CFS) in London (SA2022). Anyone willing to share his/her experience? How did you prepare? In particular with regards to the 1 hour case study. Thanks!
Leveraged Finance at BB - which is best?
Among the major banks in IB, which do you think has the best (defined as you will) leveraged finance group?
Leveraged Finance (LevFin) Interview Prep Advice?
I have a superday coming up for a Leveraged Finance coverage group and I was wondering if anyone has any info on what I should focus on outside of the standard IB guides? The interview is for a first year analyst position (I'm a senior in undergrad rn). I know LevFin is a bit different than the...
Citi - Leveraged Portfolio Group
Hi all, I was curious if anyone knew anything about the "Leveraged Portfolio Group" at Citi? There is only one mention of it on this site talking about the broad credit management teams and from what I've heard from a friend in a different part of the bank this team has changed recently. From what...
JPM Commercial Banking Pay and Promotion?
Hello, I have a question about compensation for JPM CB Middle Market Banking. Does anyone know the newest base and bonus for first-year analyst (NYC)? And the promotion afterwards (3 years, VP...)? I read a post from 2017, for which the numbers are not accurate anymore... If I intern in the summer...
Leveraged Finance Associate to Mainland China
Hi everyone, I am currently a levfin associate working for a second tier bank in NYC. I am Chinese and planning on moving back to Mainland China for the next year or two, and as such I am curious to know about the potential job opportunities in Mainland China that can utilize my skillsets? I...
Leveraged Finance Technical Interview Questions
Hi, I have an upcoming interview with leveraged finance group. What are some of the technical questions I will be asked? Thanks!
Debt schedule modeling (simplified)
Hi guys. Having seen various ways of structuring a debt schedule I am still trying to find a simpler and more user friendly way of doing it without super long Min/Max formulas linking to all over the sheet (even for complicated cap structures w. PIK, dividend recaps, etc.). I would very much...
Possible to go from LevFin to growth equity?
I'm interning for a MM bank this summer under their LevFin group. Through networking, I've heard that M&A is really the place to be if you want to move into growth equity, so I'm wondering if I should think about lateraling to a different group.
Risk Management to Investment Banking
Hi everyone, I recently received an offer at JPM in risk management as a SA' 22. My end goal is to break into IB. I may have a chance this summer to still secure a spot as I have been networking but I'm not sure. If I were to take the risk job and get on FT, does anyone have suggestions on breaking...
Deutsche Bank Leveraged Debt Capital Markets
Hi monkeys, I'm new to the industry here and I noticed Deutsche Bank have a Leveraged Debt Capital Markets team (LDCM). How does this differ from typical DCM and Leveraged Finance? I was wondering if anyone could shed some light on this as I haven't seen it in any other firms? Thanks
RBC Capital Markets DCM?
Hey Everyone, I see RBC Capital Markets is hiring a bit in DCM. Does anyone have any insight into what the day to day, culture, and work life balance is like? I figure it's typical DCM, preparing org materials, market updates, etc. Thanks in advance
GS Leveraged Finance - Associate Interview
I have an upcoming interview for an associate position in the LevFin group at Goldman and was wondering what I should be expecting. Background on myself: Current position Sr. Investment Analyst @ a large single family office with the majority of my time focused on the private equity and credit...
Culture / Structure at JPM LevFin? (2021)
Can any JPM employees chime in on the culture / hours at JPM LevFin? Heard from 2nd hand sources that hours are relatively chill as they don't hold pen on the model and focus mostly on just the docs negotiations / execution. Also if someone could comment on how the group is structured in terms of...
HY outlook & recovery?
What are people's thoughts on the recovery path for the HY and LL markets (2021-2023). Are there still pockets of value? Keeping the question broad but would love to hear from those in the opportunistic credit space
Leveraged loan investing?
I’m curious, how is the work at the junior level different in leveraged loan investing (buy side) vs levfin (sell side)? Are you still directly involved in the transaction process on the buyside? And finally, what would some exit opps be from doing lev loan investing at a relatively no name fund (
LevFin Group to PE?
Hey guys, I'm an analyst in a LevFin / Financing group (not BB) that historically sends analysts/associates to private credit given the overlap in the type of deals we work on. Most are LBO's or other M&A financings. Is there a chance to break into traditional buyout or even Growth Equity with this...
Seeking the financial universe
Hi everyone, great to be here! I'm just starting my journey to explore and improve my understand of finance and investing.
Fastest way to spread financials in excel?
Soooo much of my time is taken up by spreading numbers in excel, and by the time that's done i'm in a rush and can't actually take the time to analyze them. Sadly i work with mostly private financials that are given to us in PDFs... i use adobe acrobat but 99% of the time the rows/columns are...
Debt Advisory Boutique Case Study
Hi, I am interviewing for a Debt Advisory boutique and I have a c.3 hours debt capacity case study coming up in the next few weeks. Anyone have any insights on what such a case study would entail, where I could find simulations or more in general how to better prepare myself? I haven't got a LevFin...
Credit Suisse Credit Investments Group?
Does anyone know anything about the credit investments group at Credit Suisse? Recently applied to FT after they reposted it not too long ago, but can't find the application now. Seems like a lot of the investments team is from top tier Lev Fin programs like BAML and a few lateraling within CS, a...
Leveraged Finance/Lending/Corporate Banking
How is a background in credit ratings viewed to get into leveraged finance/lending/corporate banking at the Associate/AVP/VP level? It's pretty clear looking at job descriptions and from my conversations with a few people that they generally look for someone with a background in levfin/lending...
DCM vs Leveraged Finance
I'm pretty interested in the debt side of things and am looking to know the pros and cons of DCM and Leveraged finance. How do they compare in terms of hours, exits, interesting work, etc? The main exits I would be interested in are private debt funds like Ares / Golub or credit hedge funds.
FROM A LEVFIN BANKER - This is how an Apollo LBO Deal works
I saw in an earlier post ("Is Apollo that bad") and it brought back some memories. I was just going to respond in that thread but my post ended up being much longer than I had expected so I decided to start a new thread, and maybe address some questions you may have regarding LevFin deal dynamics. I...
Law/Biz dual: Finance opportunities for when I'm not in my second-to-last year of studies?
Not a JD/MBA, but I'm starting year 4/6 of an accelerated dual program where I'll graduate with an undergrad business degree and a JD. The important part is that I'm not graduating until 2023, which makes it impossible for me to accept a full-time offer at the end of 2021 summer. My business program...
How could an LBO happen without a bank?
Question was posed to me earlier this week. How could an LBO happen without a bank? Could this happen through seller financing resulting in the structuring of a leveraged loan by the sponsor? How would this play out in practice?
Anyone working at LevFin/Acquistion Finance in London (BB)?
Anyone here working at Leveraged Finance/ Acquisition Finance at a BB in London? I am really curious about how your day-to-day tasks and responsibilities look like. Several questions I have (I have many more, but can add them later or ask via pm if possible): - Do you hold a personal portfolio of...
Moving to Lev Fin from Debt Advisory
Hi there, I was wondering if anyone knew whether Lev Fin teams BBs will hire analysts mid-year or whether they would only consider recruitment through graduate schemes. I have been working in Debt Advisory for 2 years now and qualified as an accountant prior to this. I'm keen to look at Lev Fin...
Covenants: Fixed Charge Coverage Ratio & Debt Service Coverage Ratio
How are FCCR & DSCR calculated and what is the language usually like in a non-covlite scenario. The formulas I have seen are below. Are these correct? Also, for DSCR, how are revolver draw/(repayments), Pik non-cash interest, and optional prepayments considered in calculating the ratio. These ratios...
Lev Fin over the next few years (recession)?
How do you think the Lev Fin groups will fare in 2020-2022/23? Obviously we don't know what will happen w/ COVID, but I think it's reasonable to say that a widespread vaccine will be developed by early 2021 & there will be a widespread recession over the next couple years. From a few conversations...
Q&A Leveraged Finance Group @ BB
Former Leveraged Finance / DCM Analyst -> Associate at a BB , left before COVID (thank goodness or else I then would literally have no soul). Here to help those that are looking to get some inside detail in the job role, what you actually learn, and what you need to know during interviews. Really...
Project Finance vs Leveraged Finance vs DCM
So the title is a bit clickbait - I completely understand each career has its own merits and each individual enjoys different things. I've been in public finance for about 4 years now. Looking to potentially exit. The lowering spreads, lack of strong analytical work and pitching/RFPs amongst other...
Q&A: BB LevFin - Mezzanine - Opportunistic PE
About I have been a longtime WSO reader (6-7 years) and some years down the track, I thought it would be helpful to do a quick Q&A I think this could be helpful in particular for (i) those looking to switch over from credit to equity investing, (ii) those interested in mezzanine / sub debt, and...
Chicago Leveraged Finance
Does anyone know which BB and middle market banks with LevFin groups in Chicago? I believe JPM and BMO do, but is that it? Likewise, does anyone know which private credit groups (direct lenders) are in Chicago, other than Anteres, Twin Brook, and Madison Capital? Thanks in advance!
Leveraged finance vs restructuring analyst programme?
Hi all, I’m a final year master’s student based in Europe who’s just received a return offer for a European BB Lev Fin group. I like the space a lot, and really like my team and think this would be a good place to begin a career. The catch is that I feel quite strongly that I want to look at...
US Bank Leveraged Finance
I have an interview for a senior level credit analyst position in the US Bank Sponsor Finance Group. I have worked in credit for 6.5 years as I spent 4 years as a Middle Market Commercial Banking Credit Analyst at a BB firm, 1 year as a Commercial Bank Credit Analyst at a small regional bank, and...
Leveraged Finance Lateral
How difficult is it to lateral from a market-based leveraged finance group to a modeling intensive leveraged finance group?
Graduating in December and trying to break into DCM
Hello WSO , Long time listener, first time caller. I officially joined up after purchasing the interview prep course recently. I currently go to a non target in Canada, where I will be finishing up this December, 2019. I guess my main bona fides are an equity research internship, I just wrote the...
What is Leveraged Finance Trading?
Just as the title says, what does it entail? I tried searching for it on the forums but all I could find were threads for the LevFin group within IBD . I am pretty sure that it is a micro oriented trading desk, but what kind of products do they trade? High-yield bonds, loans, that kind of stuff? I...
Best book for leveraged finance?
I am interested in leveraged finance and was wondering if anybody had any recommendations of leveraged finance books?
Leveraged Finance to Mega funds
What leveraged finance groups place the best at mega funds? I know groups that do the most modeling and are lead left is best, so is CS & BAML the best?
Associate at a CLO Fund moving to Direct Lending
First-time poster here. I an Associate at a small CLO fund (~$2bln in AUM) and my job responsibilities include screening new credit investment opportunities in the primary and secondary broadly syndicated leverage loan markets (non-investment grade), as well as managing my current portfolio of...
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