MS Lev Fin vs. GS/JPM/BAML

How is the MS Lev Fin group, compared to GS, JPM, BAML's Lev Fin group, in terms of exit for PE fund? Are they doing a lot of modeling or just pricing? It seems that they are placed under the Global Capital Market.

 

LevFin at MS is all pricing. It, like Citi's LevFin, falls under capital markets instead of IBD.

I've heard group culture there is great... but your exit opps won't be as good as coming from an MS industry group and /or M&A

 

Can you elaborate a bit on what you mean by pricing? So basically coverage/M&A are still the groups that build the LBO and levfin evaluates it?

 

He means you'd be in a DCM role, if you are familiar with that. The difference is that you'd focus on leveraged / higher yield names.

Most bonds are priced based on comps that recently hit the market. If you dont price a potential issuance correctly, it will never sell in the market (which means the bank would be stuck with it on their books).

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Followup - it has nothing to do with M&A/coverage/models.

You are literally just trying get the bonds to sell through your S&T team

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All the industry groups at MS, Citi, and maybe a few other banks will be building, updating, and executing the models. Cap Markets really is not modelling at all, maybe updating a little bit to market conditions.

 

I interviewed for GCM a few weeks back and interviews were pretty standard. Got a few more market-focused questions than anticipated (as opposed to technical). "If I gave you 10k, what would you invest in?", "Out of these 3 securities, where would you invest clients money if it was 2008?", etc...

I don't believe you can interview specifically for Leveraged & Acquisition Finance, the Super Day I was at was general GCM. Ended up getting the offer, and accepted. Will go through the matching process soon for specific groups (ECM, FICM, LAF, Custom Solutions).

Interviewed with six people, 2 or 3 of which were from LAF. Seems like one of the hardest working groups on the floor.

 

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