| Topic Name: |
Lots of misinformation |
| Message Name: |
DCM |
| Date Posted: |
04/21/2000 |
| In Reply To: |
What about debt capital market? can someone enlighten me about its hours, intensity of work, learning opportunities, future outlook, relevance of skills learned?
thanks! |
| Message: |
The debt cap markets desk is identical in function to the equity capital markets desk, to track the market and the new issue calendar.
Most banks seperate their DCM desk into a high yield cap markets desk and an investment grade desk at the very least. Sometimes, there is further delineation: corporates, munis, govies, etc.
In fixed income, they tend to focus more on the interest rate movers than general market movers. Because there is more underlying mathematics on the fixed income side, especially in FI dirivatives, the work can be more quant-driven than the equity side, especially "story-driven" sectors like tech, internet, biotech, etc.
But the description I gave of the equity cap markets desk generally holds true for DCM as well, except your calls tend to be more like: "Hey man, lemme fax you the financials for one of my guys. Can you give me a quote for coupon on a $500 million senior sub offering?"
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