Diary of a debt capital markets intern: Weeks 1 & 2

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The first week was our training week. Arriving bright and early to the offices, it was nice to meet the other 11 interns.

Following a range of compliance lectures and heath and safety advice, we headed over to our other offices to meet more of the interns, and to get some tips from analysts on how to do well over the summer months. They emphasized keenness, asking lots of questions, attention to detail and asking for regular feedback.

After sandwiches and sushi, we had a couple more lectures reiterating similar points. There were also a lot more coffee breaks making plenty of time to ensure you had repeated the standard name, university, subject and interests at least 50 times.

At 5.30pm I received a text from my buddy and headed back to the offices for my first “day.” This involved lots more introductions, setting up my computer and a basic data checking task. As a result, my first day came to an end at 9.30pm.

Training during the rest of the week included intensive accounting training, which is sure to come in useful at some stage, training in DCF, Comps and M&A, plus instruction in internal macro systems such as Excel and Powerpoint, use of services such as Business Information and Powerpoint, and key research tools.

I was given the opportunity to construct a case study of a recent deal to be sent out internally an to check edit and compile a monthly market update. Much of the time was spent on my desk, which was brilliant as my team were preparing for a bond issue. As a consequence I got to listen in to lots of calls regarding the deal, due diligence etc.

Overall a good week I got lots of exposure to a range of different tasks and all the team had lots of time to go through things, give me training and work, which meant I could learn a lot.

Week Two:

My second week started with the bond issuance. Due diligence, dry run calls and then the real deal itself meant that it began with a bang.

Indeed, the issuance revealed to me DCM can offer a lot of variety in terms of work pace. With the order book full within an hour, 12x oversubscribed I got to experience a very successful issuance.

It also gave a whole new meaning to the notion of deadlines, which prior to the internship had really been loose hazy goals not precise to the minute demands. Attention to detail is key within the industry and you have to be conscious to check everything multiple times, something I’m learning very quicky.

My other work involved finishing the case study before starting on some pricing updates. I also created a few credentials pages for our pitch books.

I managed to receive more training which was great. Dedicated Bloomberg tutorials as well as some data gathering exercises using our in-house system meant I was able to get on with a new “project” of building a fully automated and updatable multiple company profiles sheet to be fed into our pricing models, whilst also being given the opportunity to construct my own model for learning purposes.

Friday was really fun and chilled out in the office, lots of tennis, everyone looking forward to the weekend. At the end of my second week I asked for feedback which was positive and gave me a couple of pointers to work on for the upcoming weeks. I’m starting to feel part of the team and really enjoying the experience.

I’ve been finishing around 9-10pm every night which is very reasonable and gives enough personal time. I’m expecting a lot more late ones as my team start to go on vacation and I am increasingly being given more responsibility. So far so good.

Any questions let me know.

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