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Inputs to the models include the volatility of the equity and the credit risk for the bond component.Another method is the binomial approach, examining the value of the bond if it were in debt form or equity form at various points.
The actual workplace for ECM is very similar to a trading floor – each computer had Bloomberg, Fact Set, and Capital IQ, and the floor is noisy because senior bankers are on the phone with clients and analysts are responding to requests.
I usually leave around or PM, so the average day is around 12 hours – less than what the average banker works.
The convertible team works somewhat closer to “banking hours” more often and sometimes left at midnight or later, because the work is more quantitative and requires more frequent updates.
After I finish up reading up on the markets and recent news, my Associate stops by around 8 AM with the work that we need to do for the day.
Usually I’m asked to update slides with market data needed for pitches, create case studies on recent equity offerings, make ownership diagrams (show how the composition of institutional investors in stocks changed over time), and create new slides based on the senior banker’s ideas.
Equity originators typically interact with the sales force and are focused more on the story of the deal (ex: use of proceeds).
A Day in the Life Q: So what do you actually do in Equity Capital Markets? A: First, note that working in equity origination is different from covering convertible offerings.
Like any other placement process, the choice was made on the firm’s need and what experience I could bring to the table (ex: investment banking summer internship).
Q: Ok, so you didn’t recruit specifically for ECM – but I’m guessing you’ve interviewed lots of people looking to get in.
You’ll still get the typical questions on accounting and valuation, but you need to show more of an interest in the markets : how indices are performing, previous issues in a sector you’re interested in, and if you’re interviewing for a convertible debt position you should know how calls, puts, and equity derivatives are used and why they’re used. other groups – you want to say that you like the markets but you’re still more of a banker than a trader.
Covering derivatives, you’ll get a chance to close hedging trades, and work with traders to see if a convertible could be done in the current market climate.
Capital Markets Recruiting Q: Can you tell us how you got started in ECM?