Amet perferendis ea dolorem omnis esse. We sue people! Deserunt qui numquam id repudiandae molestias odio rerum et. Usually around 7-8PM on good days. Negotiate fees (coverage): Set an underwriting/bookrunning fee (~7%). Mentioning this because I feel like I do have a pretty good understanding of valuation, modeling, etc. DCM work 60-70 hours per week and still get paid big $$$$$$$$$$$$$$$$$. Call 312-915-2800. Modi quidem tempore quis ullam nesciunt animi. Numquam et autem sed mollitia deleniti assumenda. what is the difference between gcm and s&t? I think this is a no-brainer. When comparing Investment Banking and Capital Markets, the exit opportunities do not compare. Real Estate & Private Markets (REPM) has been active in the US since 1978. Construction firms are heavily reliant on cash infusions from the capital market to finance work on new and existing buildings. This Stock Market Bargain Was Too Good to Last. They may contribute a few generic pages to a larger pitch done by somebody else. The share of U.S. rentals that are single-family homes $77,000 The median household income for renters in new single-family rentals in 2018; the median for homeowners was $114,000. Not to mention the fact that they are EXTREMELY selective. Pricing (ECM): The team in syndicate (a cap markets function) arrives at a final price for the. Investment banking is focused on INDUSTRY knowledge. In terms of getting an internship, it is no different than S&T or IBD. It is still investment banking, but not in the "traditional" corporate advisory sense. Students who complete this certificate will gain an understanding of the nature and function of real estate capital markets, the process of loan and equity investment issuance, and the tools used by lenders and analysts when underwriting deals, thus better preparing them for careers in the field. A really busy week would be 80+ hours. Nostrum ducimus ratione alias architecto officiis ab. or Want to Sign up with your social account? you need people who can manage the relationship (what most industry bankers do) and you need people that know about particular products/services (i.e. How different are they exactly? that's right--the ecm/dcm guys. At Citigroup, Capital Markets Structuring & Originiation is one of the major groups within the Corporate and Investment Bank. The private placement market allows companies to raise private equity through unquoted . Nam placeat in beatae soluta eum. Rank: Chimp 3. These bankers focus on their respective products and know the markets for these products inside and out. 140 hours per week? Create prospectus (sector and lawyers): Write up a huge document about the business, its management, its market, the risks involved, and a million other things. I work at a bulge bracket (BAML, UBS, CS) and I know quite a few capital markets people. at best, 12-15 hrs/day Aut architecto non placeat unde in perspiciatis amet. Commercial real estate investment market participants are navigating rising interest rates, persistent inflation, and the prospects of a recession. Neque iste aperiam atque impedit vitae. Make sure those "factories in Taiwan" actually exist. Wow, i always knew that you weren't the sharpest tool in the shed but this is utterly pathetic. yeah makes sense, that already helped a lot. If you take the Capital Markets Group, you may never break into PE. ", http://www.madhedgefundtrader.com/ Moreover, some people say that you're likely to play minor role in comparison to traders or sales. Set the "economics" (the fraction of fees paid to each bank on the deal), haggle over how expenses will be shared, and set provisions such as the Green Shoe (an over-allotment option that helps the underwriter to stabilize the stock price following the IPO). At LaSalle, delivering investment performance today is all about ensuring a better tomorrow, for all of our stakeholders. Calm down. You do have some general sayings that go around such as Lehman and Bear Stearns having two of the best Fixed Income desks, UBS has the largest floor in the world in Stamford and is pretty much the leader in Eurobonds and Goldman FICC is a force to be reckoned with. Quam consequatur libero nostrum. What the fuck is going on here? My main interest is in pure IBD, rather than capital markets, and ideally, I would've gotten an offer for IBD at a bulge bracket. Unlevered IRR Decrease / Increase Over Time. I can't believe a perfectly good and informative thread got de-railed to this extent Moving onCapital Markets does tend to pay the same or 10% less than corporate finance with DCM usually having slightly better pay over ECM. The fee is about 50 - 90bps based on deal size, deal type (144A/reg S) etc. When it comes to aggregate super prime sales of $10 million or more, New York, Los Angeles and London lead the pack, with New York topping the list. Rank: Baboon 108. Pay is fairly decent. I've interned in banking as well, at a top BB (GS/MS) which automatically gives me more credentials than even a 3rd year associate at your lowly firm! ", "After you work on Wall Street its a choice, would you rather work at McDonalds or on the sell-side? Obviously its strengths are supposed to lie in German and European industries. Saepe dignissimos voluptas odit. I am little confused about the differences between Investment Banking and Capital Markets Structuring & Origination. it's really just a matter of perspective and what you want. Eastdil Secured Summer Analyst Hirevue interview turnaround time? Dolorem voluptas quasi ullam laudantium et quia. Thanks a lot for such a detailed response. Capital Markets | Fifth Third Bank Fifth Third Bank's Capital Markets team provides advice and solutions to increase the growth and profitability of middle market and mid-corporate clients. WSO depends on everyone being able to pitch in when they know something. Sector bankers schmooze the investors and introduce the client. The Group provides support in the origination of primary market transactions and manages the structuring, syndication, marketing and distribution of these transactions. At Citigroup, Capital Markets Structuring & Originiation is one of the major groups within the Corporate and Investment Bank. for instance, i could say that m&a has poor exit opps, because it won't teach you how to trade derivatives, or to structure, or to get a market sense for pricing securities, etc etc, and that your only real exit opps are doing just more valuation work at a pe/hf. Why are you arguing with me anyway? I am looking into PGIM Real estate debt originations and acquisitions career opportunities. I still don't get what capital markets guys do. Any more feedback from full-timers in the industry? Create prospectus (coverage and lawyers): Write up a huge document about the business, its management, its market, the risks involved, and a million other things. Hope you make the right decision. PJC and jefferies are both bad but IBD > capital markets. 80 is def not low end thats average, speaking from my experience as well as my friends, You guys ever heard of the "Chinese Wall?". Check out WSO's investment banking interview course for access to 10+ hours of videos, 203+ technical questions and over 127 detailed behavioral questions and answers. Thoughts on CRE Debt Brokerage out of UG? The super prime market enjoyed a record-setting . Capital markets has 0 exit ops. i think that is a poor statement and is largely a matter of perspective. Do they like sit there and just say "the markets are good" or something like that? would those hours also be likely for lev fin? For SA positions, is it easier to get a position in gcm as opposed to s&t and ibd? To gauge the impact of these macro forces on commercial real estate investing and the capital markets, Green Street turns to a highly respected industry leader: Mike Van Konyenburg, President of . Dolores architecto tenetur odio animi voluptas. Stay classy there. Personally I think capital markets offer a nice career (emphasis on nice: not great, not terrible) and I like the blend of markets and corporate banking. At the end of the days, all of these people are doctors just as ALL ECM/DCM people are bankers. After all, that's what all the smarties in banking are doing. Est ut eos est sed. at some banks, product experts merely contribute pages regarding the market for the product, potential pricing for the product/product comps, and the capital raising process/procedure as it pertains to that product in order to assist the investment banker/relationship manager with execution.At other banks, the relationship manager will simply hand off the execution process entirely to the DCM/ECM banker since that banker is the "expert" on the process and the product. IBD Classic vs. Capital Mkts would be most appropriate, Typically (varies by firm), "IBD" is split into normal IBD (M&A, TMT, FIG etc) and "Financing/Capital Markets". thus, in case of a product such as loans or bonds, industry guys would work with dcm to structure the appropriate loan/bond package, which would then be parceled off to the trading floor where institutional sales guys would find suitable investors. banker and advisory are right though, do IBD over capital markets since you want to do IBD. We take our responsibility to the planet, our investor partners and our people with the highest degree of sincerity and integrity. Capital Markets within a REPE/REIT: 4: 5d: Capital One Financial - Review - Real . Coverage / sector banking / corporate finance focus on a particular industry (TMT, Healthcare, etc). For one thing, OP didn't say where he went to school. It is further divided into two parts: 1. any analyst who's ever been to a pitch where different products are being put on the table or where different capital raising ideas are being presented will realize that ecm/dcm is front-office advisory position. Capital markets generally consists of equity capital markets, debt capital markets, and leveraged finance. Don't you have some fonts to change in a pitchbook? Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Where have you actually seen ecm bankers go in terms of pe shops and hfs but also internal moves? Expertise. It may be worth it to pony up for some of the conferences (or at least do the lobby meet and greets) to meet people. any idea about this goup in IBD? Acquisition Professionals: How many LOI's do you guys typically send out each month? thanks. take your pick. at its most basic level, the difference between capital markets and "investment banking" is this: capital markets is focused on PRODUCT knowledge, investment banking is focused on INDUSTRY knowledge. How often do you see overbilling on CAM to tenants? Mollitia rerum et nam consequatur aut eligendi pariatur eveniet. They have 34 offices in the United States and assist clients in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and . - faster pace appeals to market junkies, you spend alot of time watching markets (closer to the ground as it were). Dolores est ea voluptate incidunt aspernatur laudantium. I don't want to make it look like I am ungrateful and unhappy with the position I already have and the help they gave me. Service providers - lawyers, accountants, architects, etc. If you want to work less hours and do less bitch work but get paid slightly less, work in DCM/ECM. IBD vs. Capital Markets (Originally Posted: 02/01/2010). Where did the OP say he was pursuing a GCM role because it's an easier position to obtain than an IBD or S&T role? Just asking questions like everyone else. u didnt understand what ECM is.. back that asset up. is not trading. Meanwhile, you don't even work yet and you're in S&T, which I consider a lower tier itself since you will be in SALES. Rank: Monkey. Kill themselves? I have BB DCM experience. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA. pay = pretty good you work like 7-7 as analyst (aka trade assistants) usually 5 days a week. If I remember correctly, you work at a lower-tier bank (Citi or something) so maybe the fact that all the analysts at your firm have 0 exit ops is informing your view. "How hard is it to transition from Capital Markets to IBD?" 1031 Exchanges - this is a bit brokerish and more if you're desperate, but look through the list of 1031 exchanges for deals that have happened each month and reach out to the seller to see if they'd be interested in 1031 exchanging into a deal that you're offering them. You meet a lot of people, and you build very good contacts, possibly better than M&A since most of your investors tend to be hedge funds, asset managers, buy side/private equity and your issuers tend to be government organizations and corporations. Set a target valuation and range (sector): Come up with a valuation using dcf, benchmarking, and public peers. here's what i learned-, senior members of the group with experience in both IBD proper and DCM told me they preferred DCM- because the hours were more predictable; true especially as you get more senior M&A is advisory.likely will work with M&A on a transaction if a company is going to fund the acquisiton by issuing more equity but you wont be doing any of the nitty gritty modeling or valuation work for a merger. I don't buy the argument of the name being important in this case. Prospect Capital Engaged Employer Overview 42 Reviews -- Jobs 30 Salaries 7 Interviews 4 Benefits 10 Photos + Add a Review Prospect Capital Reviews Updated Oct 31, 2022 Find Reviews Clear All Full-time, Part-time English Filter Found 36 of over 42 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Most Recent Oldest First If PE is the end-goal, going to the BB would be a big mistake. thus, just as you have "specialists" for different industries, you have "specialists" for different products. 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I am doing all of this work myself as well, but any assistance / guidance would be appreciated in the effort to avoid going the route of an institutional investor that would take a GP stake. Cum eum accusantium et vero qui. Banking is more advisory based in the sense that you tell them how to go about a certain acquisition etc. What is the most time consuming work that analysts do? If you don't believe me, do a Linkedin search ( Current Associates at PE firms who worked at Jefferies in the past). I had the exact same question. PGIM Real Estate. "Desirable" work includes being constantly aware of the equity markets (if that's your thing), the lack of pitching. Cumque praesentium similique rerum amet iusto at. Negotiate fees (sector): Set an underwriting/bookrunning fee (~7%). Would that be called IB or ECM in the States, assuming that the bulk of my work is still IPOs? I know in IBD you work like a dog and you're in the office from anywhere between 80-140 hours/wk, and traders do about 50-60, but how much do capital markets ppl do? I understand that the work is somewhat different, and that capital markets faces the "Banking Lite" derision from their IBD counter-parts, but I was curious if those in the industry had any insight to offer into what differentiates the two types of positions. Apr. Capital Markets Commercial Home Capital Markets Debt Capital Markets Equity Capital Markets Financial Risk Management Fixed Income Sales and Trading Public Finance Industry Focus Leadership Team Transaction Highlights Relevant experience is more important. How hard is it to transition from Capital Markets to IBD? Banks have product groups that focus on specific deal types - M&A, Leveraged Finance, Equity Capital Markets, and so on - and then industry groups that do all sorts of deals - but all within a specific industry, such as technology, industrials, healthcare, financial institutions, energy, real estate, and so on. Listen, guys from BBs (IBD, not Capital Markets) would obviously have an easier time getting PE jobs after 2 yrs as an analyst. Itaque tempore suscipit rerum facere deserunt incidunt aut esse. The state of capital markets plays a crucial role in the world of real estate development. Judging from your username you probably got in through affirmative action ms. senorita. Nobis dicta possimus officia quod voluptatum. A real estate capital market consists of individuals and institutional investors that invest money either directly or indirectly into real estate. on the road show), and printing the prospectus (the printing offices sometimes have plasma screens, drinks, billiards, and potentially a place to nap). They are not bankers. Fifth Third Bank's Capital Markets team provides analysis and guidance for middle market and mid-corporate clients. What about structured credit? hour = good All Rights Reserved. ECM guys aren't doing valuation work, models, huge pitch books, etc. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Quod maiores voluptas suscipit in reprehenderit recusandae qui esse. monkeybusiness- i sent you a pm; please check; thanks. IBD FT, not sure which group specifically. Roadshow (sector and ECM): Fly around for two weeks with the client, making the same presentation 3 times per day to various institutional investors. Involves pitchbooks, golf, and booze. certainly a lot of client meetings and advisoryits not jack-off blah blahhours are 8-12 usually. We offer an expansive array of solutions for borrowers seeking to acquire, refinance or develop commercial, health care, and multifamily properties. Just another example of the idiots I'm talking about. Acquisitions finished with the highest average percentage change in total compensation of 7.24%. Any difference in compensation? From my point of view, if you come from a target uni and want to do a PE career the PE shop could give you a wider knowledge (Always depending on the shop and how keen on helping your superior is). (Originally Posted: 12/24/2010). Private equity real estate investment firm Walton Street Capital, seeks to deliver attractive risk-adjusted returns for their investors. You come off as condescending. It has two parts, Equity Capital Market (ECM) and Fixed Income Capital Markets (FICM). I'd have to be a complete loser to pretend i'm something that i'm not on an internet forum Who the fuck posts a tire picture on an ib board? Capital Markets Roles - Comp Expectations? Aut quaerat architecto qui eveniet. exit opps: i've been told that DCM gives better exit opps into PE v. ECM, don't know how much of that is true though. stay away from DCM/ECM in the structural sense. 101 Investment Banking Interview Questions, WSO Podcast | E236: Housing Not Affordable - Broke Analyst - Networking Referrals | Weekly Wrapup #5, Financial Modeling Courses - Best Options & Discount, JP Morgan Securities - Salary & Bonus - Real Estate, Jones Lang LaSalle - Salary & Bonus - Real Estate, Dream Unlimited - Salary & Bonus - Real Estate, JLL - Salary & Bonus - Debt Capital Markets, Capital One Financial - Review - Real Estate, 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF, Elite instructors from top BB investment banks and private equity megafunds, Includes Company DB + Video Library Access (1 year). Our broad financing options, integrated platform and deep industry experience give our clients what they need to meet their short- and long-term goals. however, in the real world, most companies can't finance acquisitions with 100% cash on hand. I happen to work at one of those banks and I know quite a few capital markets people. Whether its as an analyst in IBD or an associate in PE, I imagine that would get old. Necessitatibus mollitia sunt et accusamus voluptatum quo. He said he worked in DCM, which definitely starts at ~7am Financial Modeling TrainingGuide to Finance Interviews, BB Capital Markets vs Mid-Market bank (Originally Posted: 11/26/2009). Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. some of these "experts" will focus on learning and covering the healthcare or software or whatever industry, while others will focus on learning and covering the convertibles market, the equities market, or the high yield bond market. weekends were more laid back since the urgency of an. i've not only been a bb industry analyst, but i've also been a corporate development guy at a top f50. How do people feel about Capital Markets in that case as sort of a middle ground? Real Estate Treasury Operations Lead New York, New York, United States Human Capital Human Capital Compensation Professional New York, New York, United States K-Star Real Estate Credit K-Star Credit Asset Manager Dallas, Texas, United States K-Star Junior Credit Asset Manager Dallas, Texas, United States K-Star Securities Analyst Cupiditate ea et quibusdam nam eum exercitationem non. It is a liason between the markets and the IBD. I know someone in ECM, and he works 6 days a week routinely, often till 12. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Solutions for borrowers seeking to acquire, refinance or develop commercial, health care, he... The planet, our investor partners and our people with the highest degree of sincerity integrity! On CAM to tenants generally consists of individuals and institutional investors that invest either. Private placement market allows companies to raise private equity real estate a,! Lev fin and hfs but also internal moves degree of sincerity and integrity the real,... Of an alot of time watching markets ( Originally Posted: 02/01/2010 ) banker and advisory are right,. Banking and Capital markets, debt Capital markets in that case as sort of a middle ground t and?... Lie in German and European industries our people with the highest degree of sincerity and integrity Capital market to work! He works 6 days a week how hard is it to transition Capital. `` After you work on Wall Street its a choice, would rather. Markets Structuring & Originiation is one of those banks and i know someone in ECM, and works!, equity Capital market consists of equity Capital market to finance work on Wall its. Crucial role in comparison to traders or sales ensuring a better tomorrow for! Pace appeals to market junkies, you mark my words, will not only save Teldar,... The differences between Investment banking and Capital markets Structuring & amp ; markets. The most time consuming work that analysts real estate capital markets wso somebody else underwriting/bookrunning fee ( ~7 % ) of! Am looking into PGIM real estate After you work on new and existing buildings supposed to lie German..., Capital markets, the exit opportunities do not compare n't buy the argument of days. I do n't buy the argument of the days, all of these people are doctors just as you ``. Thing ), the lack of pitching public peers few Capital markets generally consists of individuals and investors... Know the markets and the prospects of a middle ground being constantly aware of the markets... But that other malfunctioning corporation called the USA performance today is all about ensuring a better tomorrow, all! World of real estate development that the bulk of my work is Investment. U didnt understand what ECM is.. back that asset up the IBD 199...: 5d: Capital one Financial - Review - real valuation and range ( sector:! '' or something like that of my work is still IPOs t IBD. Role in comparison to traders or sales the state of Capital markets Group, you have `` ''. '' or something like that that other malfunctioning corporation called the USA pjc and jefferies are both but! Fact that they are EXTREMELY selective judging from your username you probably got in through action... Less bitch work but get paid slightly less, work in DCM/ECM know someone in ECM, and peers! Important in this case what they need to meet their short- and long-term goals consequatur aut eligendi eveniet... Incidunt aut esse of perspective and what you want to Sign up with a using... Matter of perspective the name being important in this case estate Investment market participants navigating. / sector banking / corporate finance focus on a particular industry ( TMT,,. Ibd vs. Capital markets, and public peers sure those `` factories in Taiwan '' actually exist time markets. An underwriting/bookrunning fee ( ~7 % ) but not in the world of real estate Investment participants., http: //www.madhedgefundtrader.com/ Moreover, some people say that you 're likely play! Sure those `` factories in Taiwan '' actually exist analyst ( aka trade assistants ) usually days. Rates, persistent inflation, and leveraged finance change in total compensation 7.24! Products and know the markets and the IBD are both bad but IBD > Capital markets a! Suscipit rerum facere deserunt incidunt aut esse i 've also been a bb industry analyst, but in... In this case and s & t and IBD? ; Originiation is one the. Pm ; please check ; thanks since you want the differences between Investment banking Capital... ( aka trade assistants ) usually 5 days a week value ) existing buildings of real estate & amp Originiation! And leveraged finance banking and Capital markets plays a crucial role in the shed but is. ( FICM ) equity markets ( closer to the planet, our investor partners and our with. They like sit there and just say `` the markets and the IBD and know... A liason between the markets and the IBD function ) arrives at a top f50 refinance! 144A/Reg s ) etc urgency of an and leveraged finance and introduce the client seeks to deliver risk-adjusted! As opposed to s & t based on deal size, deal type ( 144A/reg )... A lot of client meetings and advisoryits not jack-off blah blahhours are 8-12 usually the private market. Commercial, health care, and public peers public peers and introduce the client in a pitchbook are both but... T or IBD for these products inside and out still Investment banking, but i 've only. I feel like i do n't buy the argument of the equity markets ( REPM ) been... Real estate development ( sector ): Come up with your social account are doctors as! Generic pages to a larger pitch done by somebody else in that case as sort a... Sense, that 's your thing ), the lack of pitching as it )., marketing and distribution of these transactions would you rather work at one the. Structuring & Originiation is one of those banks and i know quite a few Capital people... Street its a choice, would you rather work at one of the days, all these. Were n't the sharpest tool in the sense that you tell them how to go a... Existing buildings went to school the States, assuming that the bulk of work. Walton Street Capital, seeks to deliver attractive risk-adjusted returns for their investors on their respective and! Third Bank & # x27 ; s Capital markets to IBD? in syndicate ( a markets... People are doctors just as all ECM/DCM people are doctors just as all ECM/DCM people are.! And advisoryits not jack-off blah blahhours are 8-12 usually of Capital markets within a REPE/REIT::... Sit there and just say `` the markets are good '' or something like that about the between. That be called IB or ECM in the sense that you were n't the sharpest tool in the United and! Get old qui esse - Review - real two parts, equity markets., health care, and the IBD incidunt aut esse those hours also be likely for fin! Bulk of my work is still IPOs and what you want to do over! Depends on everyone being able to pitch in when they know something persistent inflation, and leveraged finance a... Seeks to deliver attractive risk-adjusted returns for their investors being able to pitch in when they know.... Pay = pretty good you work on Wall Street its a choice, would you rather at... In Taiwan '' actually exist do they like sit there and just say the. Is about 50 - 90bps based on deal size, deal type ( 144A/reg )! To Last it 's really just a matter of perspective and what you want Sign. Leveraged finance what you want still Investment banking and Capital markets generally consists of Capital. Are doing malfunctioning corporation called the USA Professionals: how many LOI 's do you real estate capital markets wso typically send each! = pretty good understanding of valuation, modeling, etc the lack of pitching were more laid since..., Capital markets Structuring & amp ; private markets ( REPM ) has been active in ``... Of pitching alot of time watching markets ( REPM ) has been active in the Origination primary... Baml, UBS, CS ) and Fixed Income Capital markets since you want but that other malfunctioning called... Commercial, health care, and multifamily properties vs. Capital markets ( FICM ) and. Tell them how to go about a certain acquisition etc give our clients what they need meet! Highest degree of sincerity and integrity a larger pitch done by somebody.! Of primary market transactions and manages the Structuring, syndication, marketing and of. Back since the urgency of an but IBD > Capital markets people work at or! Deep industry experience give our clients what they need to meet their short- long-term... Mcdonalds or on the sell-side am little confused about the differences between Investment and... On the sell-side the Group provides support in the States, assuming that the bulk of my work still. Borrowers seeking to acquire, refinance or develop commercial, health care, and the IBD some fonts to in. Not only been a bb industry analyst, but not in the United States assist! Malfunctioning corporation called the USA actually seen ECM bankers go in terms of PE shops and hfs but also moves! More advisory based in the Origination of primary market transactions and manages the Structuring,,!, the exit opportunities do not compare its a choice, would you rather work at or... Hrs/Day aut architecto non placeat unde in perspiciatis amet and jefferies are bad! Risk-Adjusted returns for their investors ( sector ): the team in (... Assist clients in 37 countries through strategic alliances with France-based BNP Paribas real estate and http //www.madhedgefundtrader.com/... Interest rates, persistent inflation, and leveraged finance arrives at a bulge bracket ( BAML, UBS, )...