股本资本市场s (ECM)是负责提供有关股权，股权与股权和权益派生产品的建议的团队 /团队。这包括：
- Shares
- Futures
- Swaps
- Options
该小组将与客户紧密合作，以组织交易，构建权益产品并提高估值。
ECM Functions
该组的功能实际上是名称。该集团专注于通过资本市场为客户提高股权。通常，该小组可以配备IPOsor private investment in public equity deals (PIPE deals). This group may receive specialized support from anECMdivision. This supporting group can provide data on:
- IPO's in any industry
- 每种产品筹集的资本
- Volatility of the overall markets
然后在pitch bookto clients as a way to try and show knowledge and win an advisory mandate.
一种dditionally, these groups are involved in both pitching and pricing. Certified user [MBAApply] worked inequity capital marketsas an analyst. Here's his description of a junior banker's role within the group:
在潜在交易开始时，用简单的英语用，在初中，您基本上像投资银行家的资源一样。您会跟踪所有公平交易（两者都IPOs在全球范围内，您可以编译此信息，供银行家在他们的音调书中使用。
通常，您还负责整理联盟桌（对银行进行排名，并试图找到使您的银行看起来像排名第一的方法）。
资本市场还充当定价该问题的渠道。换句话说，他们决定以下（与银行家，客户和权益销售合作）：
- What the price range will be which gets put in the prospectus
- When the deal is ready to go
- What the actual price per share will be - which ultimately is a compromise between what the salespeople think they can sell it for, and what the client wants
这y also help put together the term sheet for the deal (price range, number of shares, greenshoe option, etc.).
股本资本市场
一些活动ECMgroup will advise on are:
- Marketing
- Distribution of new stock
- IPOs
- Roadshows
- Equity private placements
Within these Capital Markets you have three groups: 1) Origination, 2) Execution, and 3) Syndication
有时可以将起源团队合并为覆盖范围或并购团队。基本上，这是向客户投球并试图获得任务的团队。
这Execution team涉及官方文件（招股说明书和其他强制性填充），律师以及发行的整体处理。
这Syndication teamis very close to the markets. In fact, its desk is next to the traders & sales people. The job of this group is to:
- Contact investors to test their appetites
- Evaluate how much they would offer
- Coordinate with the sales force to sell the paper
- Build the book of orders
- Decide how much each investor is going to receive (if the transaction is over subscribed)
- 跟上资本市场中的所有交易，并使用主要信息（定价，股票数量等）制作一些Excel文件
这起源团队usually coordinates the whole process since they are the closest to the clients and know more precisely what they want.
However, this exact division of labor all depends on banks since their structure can often be slightly different.
Origination is definitely a corporate finance job and is usually done by coverage or M&A bankers whereas the equity syndication is more related to markets.
在这三个小组中阅读更多有关这三组的信息discussion。
IPO: Quick Definition
一个IPOis aninitial public offering在其中，股票资本市场团队帮助公司向公共市场发行股票以投资于公共交流。
私人位置：快速定义
一种private placement is when anECMteam helps a company issue equity (not traded on an exchange) to a buyer or helps an existing investor sell shares to another private entity.
路演定义
一种roadshow当银行家公司想问题equity (or other financial instrument) around to potential large-scale investors such as hedge funds and pension funds. Together the bankers and the company management team pitch the new issue to potential investors.
FellowWSO用户[Justavgjoe]详细介绍了他们在下面的路演的经验：
- Overview:You pull together a roadshow deck (a company overview deck), and then you travel with Management to meet investors in the investor offices.
- Time:Usually the roadshow is about a week long, depending how many meetings you go to (I've usually seen about 8 per day).
- Travel:You usually start inNY, then you do Boston, Baltimore, then you fly into Chicago (not always), Denver, San Francisco and potentially San Diego. The best outcome is when you have to travel to two cities on the same day as there's private jet travel involved.
通常导致左银行家(一个旅行or two per meeting), but sometimes the lead left alternates attending meetings with the second chair.
It's very hectic, but honestly my favorite part of the job as you really get to know the management team!
Read more aboutECMroadshows in thisdiscussion。
ECMvsDCM
While both divisions work in the capital markets, there is a distinction to them. Here's a fellowWSOuser breaking down the difference between the two capital market groups:
这实际上是一个没有100％正确答案的问题。银行通常有三种方式分类ECMand DCM:
- Under the Investment Banking Division, which usually also includes research
- Under Sales and Trading
- ECM在下面IBDandDCM在下面S&T (or FIC, or FICC)
这difference really is that股票和债务是靠近资本市场的产品群体，因此，将它们更接近S＆T组（在物理和/或操作上）更加有意义。并购也是一个产品组，但是他们的工作性质使他们更加逻辑地组织了他们更接近行业覆盖范围的团队。
这y're allfront-office"investment bankers" though, in the sense they are client-facing, do high-profile transactions, and make a lot of money.
In these two capital market groups, there is less intensive modeling and they are more market-focused and a little "softer" in terms of the skill set required to succeed.
M&A is very modelling intensive and analytical, but a lot of bankers only know how to model and can't see the forest from the trees. M&A tends to be more competitive to get into, but in reality the standards are not that much different.
一种s far as skillset *required* to get into M&A versus the Capital Markets: beyond taking an accounting or corporate finance course, it doesn't matter -- you have no skills right now, nor does any other college sophomore/junior.
Here's the full breakdown of the两组之间的区别。
Capital Market Hours - Day in the Life
与行业团体和并购相比，小时相对合理。通常在上午8点附近的某个地方- 晚上9点
Those usually decrease as you go up with most directors doing 8/9 A.M. - 6/7 P.M. Weekends usually have at least one full day off, and the day that work is required is usually only a half day at most.
It's really not that bad, especially when you see how much the other groups are working in comparison.
- ECM分析师小时范围：每周65-85小时
- ECM助理小时范围：每周60-80小时
- VP, MDs and above: 50 - 70hrs per week
Read more onECMhoursin this discussion.
股本资本市场Skillset
这skills you will learn working in the capital markets will not be as broad as those in the more popular M&A division, however, you will still get a front row seat to theIPO流程和其他有趣的财务考虑。
这two capital market groups tend to generate more fees because they are leveraging the bank's balance sheet. M&A is purely pay for advice, that's why individual bankers can set up their own shops but not anECM购物，在一定程度上是为什么要收取费用的原因ECM非常好（与并购不同），因为您只有一定数量的银行可以承销大笔交易。
Equities Analyst Tasks
一种s an Equities analyst you will be making
- 很多小图
- 投球时的资产负债表
- Manage an enormous timetable that you constantly have to update with comments from different people
Unfortunately, whether you like it or not most of the pages will be the sort that aren't even looked at. It will be the industry team people who will add the real deep financial analysis to the book and it will be dependent upon them whether a bank gets a deal or not (leaving out fees etc and assuming it's aBBwith good distribution).
Sadly, these tasks leave you with very few transferable skills and so you will have less exit opportunities compared to some of the other front office positions.
Career wise, you can think ofECM作为市场与银行业务之间的中途，以更好的时间，较低的薪水略低，但没有大部分的上涨空间。
Read more details about the每天的任务in this discussion.
ECM Interview Experience
While an equities interview can be similar in many ways to a traditional investment banking interview, there are a few specific nuances that separate them. Specifically, they tend to put more of a focus on current equity trends.
这是公共资本市场面试主题的快速清单：
- General banking technical and fit question
- Show a personal passion for equities
- Be able to pitch stocks (at least two long ideas, preferably two long and one short)
- Current macro trends
- Performance of all the major indices
- 某些部门的表现
- 当前市场活动
- Recent/pastIPOsor other equity offerings
- 解释什么ECM小组这样做以及为什么要成为其中的一部分
You can get access toECMinterview questions from our company database。
Equities Capital Markets Exit Opportunities
While many people believe that capital markets don't have the same exit opportunities as the more popular M&A, exit opportunities to the buy side do exist. However, this is most commonly done through transferring to M&A first. Here's a fellowWSOuser's experience with the exit opportunities:
Truth is, many people from Capital Markets transfer to M&A within the bank and eventually end up with the same exit opportunities as M&A people. Apart from that, there are many exit opportunities for example within investor relations, corporate broking or even hedge funds or consulting. In the Capital Markets, you will not be doing any modeling which is done by other product or industry teams, but you will be heavily exposed to markets. You will do a lot of market research and understand equities fairly well.这lack of exit opportunities compared to M&A is however made up by much better work life balance and similar pay. If you want to stay in banking long term, and if you value your life outside work,ECMis a great choice. You will still be making a lot of money and have a life. If you only care about exits to Private Equity, then yes,ECMis not for you.
Read a more detailed breakdown ofexit opportunities in this discussion。
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