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Omeng 发表于 2013-5-7 22:36 ![]()
Je vous remercie!!!!! ^ ^
But I'm still a little confused about the comprehensive of IBD as you me ...
IBD is a broader term. Normally it includes Advisory (M&A+ Restructuring), ECM & DCM. Some banks put their leveraged finance into IBD (GS) while some banks only includes advisory and put their ECM & DCM into global capital market group (Citi). Some IBD have dedicated M&A group (MS) that executes deal while some banks (GS) rely on their sector group (oil gas, real estate, consumers....) for deal execution.
DCM issues debts for corporate clients (sometimes sovereign), ECM conducts IPO or follow-on stock offerings.
Ibankers (advisory, including sector coverage) consider themselves REAL BANKER at the top of totem pole and exclude ECM & DCM guys from the club. But DCM is doing great these few years given the low interest rate environment and increasing financing needs that come along. ECM is in trouble, as no one wants to issue shares in this choppy stock market.
A few banks also have structuring teams under IBD. These teams work very closely with structuring teams of Sales & trading (sometimes traders) to figure out financing solutions for corporate clients (for example, a mining company discovers a new gold field in Africa, then structuring team comes in, figure out company's cash flow needs, help them structure and sell gold price linked futures/options in market, therefore the company can hedge their exposure to gold price and raise immediate cash) . IMO, this is the coolest team under IBD.
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