A Very Investment Banking Christmas Culture by Matt - November 24, 2018November 24, 20180 Don't take this too seriously Working in Investment Banking During the Holidays Most investment bankers look forward to December for one or two reasons. Senior investment banker schedules (Managing Directors and Executive Directors) are aligned with their clients, so if the client is going on vacation in December then senior bankers will
High Yield Bond Characteristics Fixed Income Leveraged Finance by Matt - November 20, 20180 High yield bonds are a major financing vehicle for many corporates. After introducing the high yield bond market in the previous post, we will discuss major characteristics of these bonds here. What matters to bondholders? Coupon, maturity, optionality, security, purpose, relative value - the other factors will all inform the ultimate
Introduction to Green Bonds Debt Capital Markets Fixed Income by Jaycee - November 20, 2018March 20, 20190 Debt Capital Markets - What is a Green Bond? Green bonds are debt securities that use the proceeds to fund sustainable and environmental-friendly projects. Given today's investor focus on environmental, social and governance (ESG) factors - whether for political reasons or other ethical considerations, green bonds can be very attractive bond issuances
Modern Portfolio Theory and the Capital Allocation Line Finance 101 by Karl - November 19, 2018March 3, 20190 In our Capital Asset Pricing Model post, we discussed risk and return for stocks. We also discussed the use of the relationship to value stocks, by interpolating what the return for a stock should be given a certain level of risk. We will build on these concepts and discuss how
Leasing and Speciality Finance Companies Part II: Element Fleet Management Case Study Case Study Financial Institutions Stock Pitch by Brian - November 18, 2018November 28, 20180 Element Fleet Management Primer (TSE: EFN) Element Fleet is the largest publicly traded fleet management company in North America. Element Fleet also has operations in Australia, Mexico and New Zealand. The company primarily provides vehicle leasing along with a range of other services such as vehicle financing, program management, analytics and remarketing
Leasing and Speciality Finance Companies Part I: An Introduction to Leasing and Lending Financial Institutions by Brian - November 18, 2018November 18, 20180 Reviewed by a Financial Institutions Group Investment Banker What is Leasing? What Do Leasing Companies Do? In a nutshell, a leasing company provides a physical asset for corporations that want to increase their capacity in return for regular payments. This way, a business can use assets without buying them outright. Leasing companies
Accounting Estimates: Managing Earnings Accounting 101 by Karl - November 11, 2018December 31, 20180 In our other accounting estimates articles, we talked about the discretion that management has in the income statement and the balance sheet. In this article, we will dive deeper into the incentives that management may have to manage these estimates. What is Earnings Management? Despite the discretionary nature of some of the
Interview with Sales & Trading Associate in Hong Kong China Hong Kong Interview Series Sales & Trading by Karl - November 11, 2018November 14, 20180 What sales and trading capabilities do the Big 5 Canadian banks have in Asia? Generally, Canadian banks have very lean operations in Asia. The biggest player in Asia would be Scotiabank, with an onshore presence in many countries - Scotia is Canada's most international bank. Scotiabank has the widest range of capabilities;
What Makes a Good Leveraged Buyout (LBO) Candidate? Leveraged Finance Private Equity by Matt - November 11, 2018November 11, 20180 There is a routine answer to this question - a company with large stable free cash flows and low levels of debt. This is usually followed by: How Does an LBO Create Value for Financial Sponsors? Debt paydown, EBITDA growth and multiple expansion. Debt paydown/repayment is easy to understand - if an LBO
M&A Deal Case Study Finance 101 by Karl - November 5, 2018February 17, 20190 M&A Transaction Case Studies are commonly seen in case competitions, and often in actual investment banking work. Every time a pertinent transaction in the value range that is relevant to the investment banking group happens, the analyst will prepare a case study for distribution to the broader group. They are