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Investment Banking Hierarchy – Analyst to Managing Director

This site is primarily aimed at aspiring investment banking analyst and associates, although we appreciate that more tenured staff occasionally dabble in our contents. One aspect that is not well understood for most people outside of the industry, as well as people inside the industry, are the expectations that come

Hybrid Securities / Hybrid Debt / Subordinated Debt

Investment bankers like to toss around "hybrids" as a funding feature. Hybrids come with higher Debt Capital Markets issuance fees than straight bonds and are a great way to earn league table credit. Key things for Hybrids: Considered equity by rating agencies (otherwise pointless to pay more interest) Not dilutive to

Debt Refinancing Options for Issuers

The finance world is awash with debt. Corporates and governments regularly issue debt in order to fund operations and capital initiatives. However, debt can often become a problem for many reasons. Many circumstances can cause a debtor or borrower difficulties in servicing debt. We will start from the more benign to the more

How Has Investment Banking Changed Over Time?

We caveat that we did not work in investment banking 20 years ago, but have worked with plenty of veterans that survived a time now more rooted in folklore. Investment banking has evolved, like all other industries, for the better over time – although the absolute and relative pay has

Off-Cycle Investment Banking and Finance Recruiting

Banks sporadically hire at the analyst and associate level to replenish losses from attrition and firings as well as for expanding or starting a new team. When recruiting off-cycle, the process is even more random and far more dependent on the network and work experience variables noted above. 50% of the

List of Investment Banks in Canada

List of Major Investment Banks in Canada Domestic RBC Capital Markets BMO Capital Markets TD Securities CIBC Capital Markets Scotiabank Global Banking & Markets National Bank Financial The Big 5 have historically dominated Canadian investment banking and capital markets advisory. They are also large commercial lenders and provide a full suite of

Landing an Investment Banking Interview in Canada

The finance interview is an unpredictable process that fairly or unfairly decides which business students will have the best start to their finance careers via investment banking or sales & trading placements at major banks (as well as some prominent direct-to-private equity analyst roles at megafunds such as Blackstone, KKR,

Permian Basin Stocks

The Permian Basin in West Texas is one of the most prominent sources of unconventional oil. If the Permian were a standalone country, it would be one of the largest oil producers in the world, with production exceeding the entirety of Canada. The Permian Basin, about 250 miles wide and 300