很想了解一下IBD是不是分originator, initiator, executor，请问几个team工作性质有什么区别？ 在前面的帖子查了一下好像没有讲到这么细的。。。还请指教，谢谢了！  -- by 会员 lbting (2011/4/15 20:36:38)
I guess you are asking ECM/DCM, which is only a component of Investment Banking Division. There are other parts such as M&A as well, which is what we traditionally refer to as IBD.
Within ECM you have three groups:Origination, Execution, Syndication.
The origination team can be merged into a coverage group or into an m&a team. Basically that's the team which does the pitching to clients and tries to get mandates.
The execution team deals with official documents (prospectus and other mandatory fillings) and also deals with lawyers etc.
The Syndication team is very close to the markets. In fact, its desk is next to traders & sales. Its job is to contact investors to test their appetites and to evaluate how much theywould offer. It also deals with the sales force to sell the paper. It builds the book of orders and therefore decide how much each investor is going to receive(if the transaction is over subscribed). Another job it does is to keep up with all deals in ECM and make some xls files with the main information (princing,number of shares etc) to be sent to the origination team.
Origination is more of acorporate finance type role and is usually done by coverage or m&a bankers whereas the equity syndication is more related to markets. | 
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发表于 2011-4-15 20:36:38
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