Apr 08, 2023

Thoughts on debt advisory?

Currently working in debt advisory and working cross sector and product, learning lots but wondering if it’s a good place to or a dead end? A few examples of the projects I’m on:

  • Buy side and sell side lender educations

  • infrastructure debt 

  • credit ratings

  • financing strategy / options papers 

  • bond/USPP issuances (supporting as an advisor)

Note I’m in the big 4. Do I get out ASAP? Or perhaps move to boutique IB (Evercore / Lincoln / Rothschild debt advisory)? I figured conclude some projects and get credits to my name then make a move. Prospects and pay will be better at those places.

 

I just wanted reinforcement of my conclusion from a 3rd party. Viewpoint from someone in a different position. Grass is always greener on the other side.

 
Most Helpful

Big4 debt advisory is a good starting point but notoriously underpaid whilst working as hard as IBs. I’d say the easiest next step is as you have it, ie debt advisory in more prestigious names where you get to work on more exciting / flagship mandates (in order imho PJT, EVR, HL, Lazard). From there, assuming your total years of experience is 2-4 it’s easier to move to a fund.

If your goal instead is to move to the busyide asap or you have a few more years of experience, you best bet is probably to move to a LMM/MM debt fund for a couple years and then try move up in deal size.

 

Thanks for this! This was the confirmation / clarity that I needed - are the shops you mentioned the ones to go for in the UK? I’ve also seen Marlborough and DC Advisory recruiting, as well as A&M (but they are closer to the big 4 in my mind)

 

Marlborough used to do tons of work in a LBO heavy and competitive environment for lenders of 2020-22, not sure how much work they have now.

DC Advisory is a decent name but team not that strong in my view. A&M has a good team. Both indeed closer to Big4 type work.

Another one to consider is Perella debt advisory: team head is very good.

 

Work on a lot of deals with marlborough, they do good deals. From DC i've mostly seen infra. Also keep an eye on Axis arbor

 

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