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Accessing Leveraged Capital Markets – Part I

Issuing High Yield Bonds For levered companies that do not fit the investment grade bucket, there are still robust capital markets options available for debt issuance through the leveraged finance divisions of global investment banks. As discussed in other leveraged finance posts, a large suite of buyers invest in high yield bonds

Introduction to Green Bonds

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

Introduction to High Yield Bonds

What Are High Yield Bonds? What separates investment grade and sub-investment grade? The answer is a designated credit rating by the mainstream credit rating agencies - Moody's, S&P and Fitch. Moody's is widely accepted to be the gold standard for rating agencies. The rating agencies will assign scores for corporates based on

Acquisition Finance: Bullet Debt

Acquisition Financing – Investment Grade Bonds, Private Placements, Term Loan B, High Yield Debt Bonds, notes and term loans for institutional investors are otherwise seen as much more permanent capital than bank debt and is not meant to be paid down opportunistically. Fixed income investors – which are a distinct group

Working in Treasury

Related: Interview with a Treasury Analyst What is Corporate Treasury? Treasury is the cash management function of the bank – it is responsible for cash inflows and cash outflows. Ideally, the treasury maximizes the cash inflows while minimizing the cash outflows via a variety of risk management solutions and opportune financing. Treasury

Debt Capital Markets Analyst and Associate Work

For the most part, DCM analysts and associates do the same thing, except the associate knows the process a lot better and is able to guide the analysts. Identifying Clients for DCM to Talk To DCM will usually have a rolling list of upcoming maturities to look at which companies to approach.

Debt Capital Markets

What is Debt Capital Markets (DCM)? Back to Investment Banking Debt Capital Markets (DCM) is a financing group in Investment Banking which helps to connect debt issuers and debt investors depending on their respective needs pertaining to tenor/maturity, currency (issue in USD, CAD, GDP, CNY, JPY, EUR), coupon (fixed/floating), security/collateral, and other

Investment Banking Credit Ratings Advisory

Brain Teasers

Credit Ratings for Blue-Chip Corporates Companies care about their credit ratings and may have certain targets. For instance, many companies have historically aimed to maintain an investment grade rating from at least one credit agency (BBB- for Standard and Poors or Baa3 for Moody’s). Blue-chip stocks that see widespread investor interest are

Investment Banking Road Shows: Marketing and Distribution

Tapping the Capital Markets Clients of the investment bank, whether corporates, governments or organizations, look to the investment bank for executing their transactions in the capital markets. Whether this is to raise equity (through an intitial public offering or seasoned equity offering/follow-on offering) or debt (a maiden debt offering or experienced

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