|
【知乎用户的回答(5票)】:
谢@兰尼 大牛邀
（以下内容针对香港/新加坡市场。有一些英文确实不知道正确对应的中文是什么，大家凑合看吧）
DCM的结构其实非常简单。如果一定要细分的话，大概可以分为DCM Origination, DCM Execution和Syndicate，而且在很多银行，Origination和Execution并没有很明确的分开，所以一般就是DCM Deal Team（常常直接简称成DCM）还有Syndicate.
Origination：Typical day就是pitch pitch pitch. Analyst/Associate的工作包括准备pitchbook，设计structure，向syndicate询价（indicative pricing quotation）。对于没有评级的初次发行者，询价之前会根据公司的信用状况（credit matrix）做个参考评级用作定价依据。再往上的MD/D/Senior VP等老大们的主要工作就是见客户、开会，实现拿到mandate的终极目标
Execution：包括尽职调查，确定交易结构（structuring），讨论条款（covenants，仅适用于高收益债券），准备评级材料，准备路演材料，协调律师审计师受托人等第三方，路演，协调syndicate定价等等
Syndicate：好像syndicate这个职位一直都没有一个很合适的中文翻译（如果有请告诉我！），很多银行也都是直接翻译成“辛迪加团队”，我一开始看到的时候也是一头雾水。其实syndicate的工作主要是一级市场定价，所以每天要实时跟踪市场信息，以及和投资者讨论确定投资意向。
此外sales和trader也会在之后的分销和market making上提供支持，不过这就不属于DCM的范畴了。对ECM的了解还停留在非常表面的阶段，就不说二者的比较了吧。
楼下答主提供的题为”Debt Capital Markets 101”的链接非常好，写的非常具体深入，对获得一个关于DCM的整体印象及分工是一个非常有用的资料，建议题主细读。（当年我准备面试的时候看了这篇文两遍这种事我会乱说么 …><）
以上
【知乎用户的回答(1票)】:
第一个问题的答案可以从楼上的链接找到：
楼主问了三个问题：
1. dcm 有哪些细分。
这个我建议参考第一个匿名用户的答案。不同银行的dcm有不同的细分，基本是按不同的funding scenario。但是基本上讲得是loan syndication和new issue of public and private debt这个东西。
再加几个更细的：
liability management
asset-backed finance
project finance
equipment finance
Yankee new issues
continuously offered products
preferred stock
2. ecm和dcm的区别
顾名思义，ecm是指capital而dcm是指debt。 ecm可以被看作是企业融资的一个做deal的延伸，也就是说我通过此次融资如果用股权多的话就会有ecm，如果是公共项目的话，很多时候是用dcm。现在很多的领域也有一些融合，这样的情况可以找dcm：比如说preferred stock, convertible bonds.如果要发行这种产品的话需要dcm的团队来进入销售，或者来计算一个叫做“All-in cost"的东西，这个是因为不同的产品会有不同的收益；如果equity和debt issue都有的话，那样计算所有的加权收益。
现在很多银行将两个整合叫做capital markets origination，比如说citi。但是基本上应该会有一个investment bank下面跟ibd平行的机构。也有ms叫它们securities underwriting. 看来之间的线也不是很明显了。
3. 每天dcm是怎样过的？
这个我无耻地拿来楼上的英文版：
Usually I’m at the desk by 7 AM.
Between 7 AM and 9 AM, most of the team meetings occur and DCM sits in with the sales force and traders to learn what’s going on in the market that day.
Then, those 2 groups leave and syndication and DCM stay behind to discuss possible and pending deals – this is inside information and so the traders and sales force must leave at this point. At some banks, a compliance officer monitors this meeting to make sure nothing inappropriate gets out.
By 8, we’re finished with the meetings and we spend most of the next hour catching up on the news, seeing what happened overnight, and monitoring what traders in other offices are doing.
We’re also watching for economic data and we might speak with clients around this time, especially if they’re launching a deal that day.
Deals start launching when the market opens at 9:30 AM, so that’s when it gets really busy if we’re leading any deals.
A lot of time is spent monitoring the market, running back and forth between trading desks, and helping syndication allocate orders between different investors and build the books.
There’s also some administrative work from lawyers working on deals, and we have to help with drafting term sheets and sales force memos.
For example, the sales force might need to get up-to-speed on a certain debt issuance so they can pitch it to investors, so we would fill them in and get them all the relevant details.
Sometimes investors also come to us, via the sales force, and ask more about the borrower because they haven’t had time to do due diligence themselves.
Analysts usually don’t field those calls, but as an Associate you might start doing that if the desk is empty or everyone else is busy.
So we might get tasked with pulling credit rating reports for clients and interfacing with the lawyers and sales force on a deal. If we’re not launching any deals that day, it’s much quieter.
Debt Capital Markets 101
Debt Capital Markets
Choices in Finance
原文地址:知乎
|
