Industry Groups vs. Product Groups: Intern Edition (1)

Investment Banking Division:Industry Groups vs. Product Groups (上)1. Product groups係做咩架？Product groups 既員工多數都係集中做同一種交易，例如：• Mergers and Acquisitions:• Equity Capital Markets:• Debt Capital Markets:• Leveraged Finance:• Restructuring:雖然Product groups聽落幾悶, 但係佢地既交易覆蓋廣範圍廣泛，涉及唔同行業，所以想加入Product groups, 必須對唔同行業有基本既認識架！2. 加人Product Groups有咩要求？• 需要對特定既transactional model (例如merger models或者LBO model)有深入既了解• 唔需要對某一行業有深入既了解3. Industry Groups係做咩架？Industry Groups既員工集中做同一行業，但係有機會接觸唔同類型既交易，例如：• Equity• Debt• M&AIndustry Groups常見既行業有d咩呢？• Healthcare• Natural Resources• Technology, Media & Telecommunications• Financial Institutions Group• Industrials• Real Estate Investment Banking4. 加人Industry Groups有咩要求？• 必須對Industry有深入既了解• 了解同一行業唔同公司既行情• 分析唔同公司既operating models (3-statement models)不過銀行既groups又點Industry Groups同Product Groups呢？事實上，銀行仲有以下既sub-divisions:-• Origination: 負責透過Financings吸新客• Advisory: 負責建議收購對象• Coverage: 專注某一個行業(例如industrials), 同時負責做origination和advisory既工作5. M&A deal既流程以兩間pharmaceutical companies之間既M&A deal為例：healthcare banker跟M&A banker點分工？• Initial Pitch: healthcare banker會負責配對適合既sets of comps和potential acquirers• M&A Process: healthcare banker和M&A banker會一齊合作，一齊推動M&A Process• Closing Dinner!!!以tech company 既IPO為例：ECM banker和technology industry banker點分工？• Initial pitch: 負責供應comps 和做valuation, 擬定market overview, ECM banker也會負責製作簡報, 演示tech IPOs的前景和正規IPO process• IPO Process – valuation: industry banker主要負責整個IPO Process, ECM有時也會負責部分既input• Sales Force Memo: ECM主要負責跟salespeople溝通• S-1 (IPO registration statement): ECM banker和technology industry banker會一齊合作• Road show: Technology industry banker主要負責去唔同國家做road show6. Restructuring 或 special situationsRestructuring和special situations 需要有特別既知識，所以industry banker好少負責做restructuring。Industry bank喺restructuring cases只會負責做公司既背景資料搜集, valuation, potential buyer ideas等等, 但係restructuring M&A team就會負責其餘既所有部分 (例如分析bankruptcy scenarios, capital structures, running the process等等)7. The Hours and Pay在Industry Group和Product Group工作的analyst 和associates 待遇差不多, 但ECM Groups(尤其是集中做IPOs的 ECM Groups) 一般工時較短。如果同學仔想入IBD嘅話，就快啲報名我哋嘅Investment Banking Externship啦！