You always hear about top EBs and Boutiques on the street for coverage groups, M&A, and restructuring which is technically more of a product group than a coverage group. Haven't been able to find much, but was wondering which EBs or Boutique shops are best in DCM, Structured Finance, and ECM. And how their pay stacks up against their peers in the coverage and m&a groups.
Trending Content
Career Resources
Interested as well. At the bank I interned at, cap markets is under ib so they get the same base (85k). Wondering if anyone can share specific numbers the differences in bonus.
I don’t know of any EB’s with DCM or Structured Finance teams as almost by nature of their value proposition they don’t lend to clients from their balance sheet. That said, EB’s will advise clients (usually through their M&A teams) on debt raises or bond offerings especially as the private debt market has grown to the extent that corporates and sponsors may be less reliant on bank financing. I know some of the EB’s and boutiques do have ECM teams - I know Evercore does and I know that many boutiques do, especially boutiques focused on Healthcare (e.g. leerink)
yeah I know Structured Finance will be harder because they're more B/S dependent, but figured a firm like Evercore could probably accomodate if they wanted to.
*SVB Leerink now has DCM capabilities with the silicon valley bank acquisition
Evercore's ECM has seen incredible growth the last couple years, same base pay as M&A. Their DCM and ECM have poached some top senior talent from BBs. The analysts have been working a ton there lately so would assume bonuses will be strong too
If you look at EVR's earnings releases, seems like their cap markets team is really pulling a ton of weight for the firm (triple digit growth due to COVID) so this year, their bonuses are pretty guaranteed to be great
I don't really know much about "rankings" because the idea of independent CM advisory is so nascent. I will say, as someone at an independent platform that is all-in on the idea of CM advisory to complement M&A and Rx, it has been going gangbusters and I really encourage anyone currently in CM to consider jumping platforms. Our team sits next to the corporates and walk through capital raising options, then run bake-offs and advise on creditor, underwriter or book runner selection, forcing competition between underwriters and the large credit funds. It's really interesting, especially in a post-covid era where it isn't just up and to the right all day everyday. CM here is basically in line with M&A in the sense that, we don't need to crank CM deals to feed the beast the way JPMorgan or Citi does, so the work usually focused on more complicated situations than vanilla raises. As far as comp, it is the same as M&A. We do not, as far as I know, hire into these groups out of undergrad (though generalist analysts will work closely with them) and usually look for prior experience.
This Moelis? Know they've made a bunch of hires recently.
Can I pm you? Interested in learning more
Where do people exit to?
Top CM teams are within BBs for some of the reasons listed above (B/S etc.)
Ofc they are. But I'm not talking about top CM teams in general. I'm talking specifically about CM teams at EBs/Boutiques.
check out lazard capital structure advisory. dope group
Can you elaborate on this group?
their website is pretty exhaustive
Not sure how people normally categorize it but Guggenheim does pretty at esoteric structured finance. Not sure abou pay.
Guggenheim is big into structured credit trading/investing. Haven't heard much on their cap mkts business within structured credit.
They do pretty well on the capital markets side for really esoteric ABS but unsure on CLOs and don’t really see them on more on the run securitizations. They definitely do a bunch of data center deals, some MCA, some whole business, and then they’ve done some oil and gas and diamond receivable and music royalty deals.
Anyone know anything about Evercores debt advisory?
Got same base pay as M&A in junior years, and separated from the restructuring arm, do refinancings, acquisition financings and recapitalisations mainly
Anyone know if the typical exits are available to capital markets analysts at EBs (lazard specifically)? Looking to get into a hedge fund afterwards
Bump
bump
Et at consequatur enim incidunt. Dolores dolore quia ut adipisci perspiciatis harum sed. Quibusdam qui voluptate accusamus non inventore.
Sunt doloribus non veritatis sed id sint. Reprehenderit alias impedit velit architecto. Eos facilis aut ullam voluptas voluptatem voluptates consequatur sunt.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quia libero cupiditate nemo qui. Expedita tempore et et et. Ut cupiditate atque illo adipisci doloremque sed. Quo excepturi ratione dolores in perferendis. Molestiae commodi sequi dolorum.
Velit vero nostrum impedit a qui aspernatur id. Vel minima officiis ipsam voluptatem. Eaque optio sequi est a aperiam quos ad officia. Voluptas qui unde deleniti laboriosam. Quis dolores modi magnam accusamus nostrum voluptas.
Veritatis voluptatem autem eos sit id velit. Quis atque cupiditate omnis sed praesentium maxime nisi. Aliquam voluptatum eligendi adipisci maiores. Deserunt libero quibusdam et voluptas id. Molestias ipsum labore voluptatem illo.
Laudantium quo aut mollitia aliquid cumque temporibus eos. Harum numquam dolorem ipsa autem. Sunt iure accusamus doloremque doloremque occaecati repudiandae. Veritatis aut facere quo dolor vero quia. Optio aliquam mollitia doloremque aut repellat autem delectus est. Fugiat ipsa aspernatur corporis praesentium ex omnis earum.