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Investment Bankers (Coverage)
Advise on capital markets access, M&A.
Capital Markets & Syndicate Teams
Advise on market conditions, structure new bond deals, and liaise with buy-side investors.
Corporate Bankers
Manage direct loans to large corporates.
Risk Management
Approves and monitors loan exposures.
Debt Capital Markets (DCM)
Focus on investment grade bonds.
Leveraged Finance (Lev Fin)
Focus on high-yield bonds.
Syndicate
Interacts with buy-side to price and allocate new bonds.
Sales
Manages client relationships and facilitates trades.
Traders
Take trading risk and execute buy/sell orders.
Desk Analysts
Support trading with bond-specific analysis.
Publishing Research
Analysts cover equity, credit, macro, FX, etc.
Wealth Management & Private Bank
Serve retail to ultra-high-net-worth clients.
Asset Management Arms
Operate similarly to buy-side firms.
Buy-Side
Includes insurance companies, pension funds, hedge funds, asset managers, corporates, and government entities.
Life Insurers
Long-only investors; buy and hold long-dated bonds.
Asset Managers
Invest client money, often in separately managed accounts (SMAs).
Hedge Funds
Flexible strategies including long/short, event-driven, distressed, macro, etc.
Pension Funds
Manage assets for future retiree payouts.
Government Entities
Invest public funds in safe, short-term bonds.
Corporates
Can both borrow and invest; often manage large cash reserves in-house.
Chief Investment Officer (CIO)
Oversees strategy, allocation, fundraising.
Portfolio Managers (PMs)
Run investment strategies by asset class.
Traders
Execute trades and relay market intel.
Research Analysts
Generate investment ideas, assess risk, know sectors.
Sales/Product/Investor Relations
Ensure capital inflow and communication.
Primary Market
Companies issue new bonds via banks.
DCM and syndicate coordinate pricing and allocation.
Investors place orders and confirm pricing before issuance.
Secondary Market
Investors trade previously issued bonds.
Broker-dealers facilitate trades for a spread/fee.
Which team within the sell side is responsible for advising on market conditions and working with end investors?
Corporate bankers
Syndicate team
M&A advisory
Risk Management
Syndicate team
What is the primary role of the Chief Investment Officer (CIO) on the buy side?
Executing trades and providing market color
Generating ideas and managing positions in a portfolio
Facilitating buying of bonds in the primary market
Fund performance management and allocations
Fund performance management and allocations
Which factors are part of Fitch's four-step analytical framework for ratings?
Purpose
Payback
Market Demand
Structure
Purpose
Payback
Structure