(If you are a CFA Level 1 or Level 2 candidate read to the end to receive a special offer.)
There are plenty of war stories among those who have attempted the CFA exams. Within capital markets, passing the CFA exams is a nice badge of honor that proves your ability
As the COVID-19 pandemic continues to impact global markets, some firms are looking at an opportune time to buy distressed firms. Whether that be those that are unable to pay their large fixed costs or those suffering from a large drop in demand, many troubled firms will soon be bought
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How do you calculate leverage?
Debt divided by EBITDA. Net leverage is net debt divided by EBITDA. There are multiple permutations of this and they will usually be some variant of operating cash flows.
In Q2 2020, global M&A activity fell to levels that rivaled the aftermath of the great financial crisis hitting just $439 billion. On a YoY basis, American M&A activity took the biggest hit with aggregate deal value totalling only $258 billion. This was a decline of 69% from Q2 2019
As the COVID-19 pandemic swept across the world in Q1 2020, volatility in the markets increased, which affected M&A deal flows. While the beginning of Q1 was relatively normal, the tail end of the quarter saw shutdowns across the world. The impact of these shutdowns will likely not be fully
What is a fairness opinion?
A fairness opinion evaluates the financial fairness of the price an acquirer is offering a target during a transaction seeking to take control of the target (acquisition, takeover, merger, etc.). [i] A fairness opinion may also be used when a public company is divesting one of
Reacting to Recent Market Events
To most market observers, 2020 has been nothing short of bizarre. Not to say that certain hedge funds have not made a ton of money guessing correctly (more on that later), but we are in a time where there are around 400,000 deaths from the coronavirus
There are no jobs in finance other than investment banking.
Most people who get a finance degree do not end up becoming investment bankers, despite practically everyone putting it down as their first choice.
Many students make the mistake of going investment banking or bust and never realize that they never wanted
Fee Event Dramatization
MegaBank A is approached by a client to help them advise on a purchase of their competitor funded by a mix of debt and externally issued equity.
My god, this will be a $50 billion dollar deal. 10 basis points means a $50 million dollar fee! – Coverage/M&A banker