I realised some banks separate their origination and syndication departments. What do the people at origination do? I guess drafting credit proposals and term sheets is their main task but are there some interesting additional things they do?
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I work in debt origination. It depends on the bank what you exactly do. Some banks öay split origination and execution functions. Make sure to dd this point in talks. Some origination roles may also involve portfolio management , especially at private debt funds. Banks will likely split this function as they like their fee making guys to focus on their core role. Portfolio management is really a taste question. I personally like dealing with complex downside situations but would not want to involve in day to day administration, for example. The Origination/execution role involves a lots of things. Starts with getting in a ask from client, pricing it, talking to the syndications desk, determine strategy if it is only a net take position or an underwriting position could be contemplated, whether you like to pitch other products in the context of contemplated transaction, brief your front office management on your thoughts regarding the opportunity (also when you want to kill it to explain why you walk away from a fee making opportunity. If you are at a leading bank you may be in a structuring/bookrunner position. In that case origination structures the debt package while syndication desk feeds what may be sensitive points for them to be able to push the paper. Then once you have a structure in mind, you negotiate term sheet. Engage advisers. Review their reports, writer credit memo. Discuss with credit etc. This whole process involves continous coordination and negotiation of bits internally and externally. Once approval received, negotiate docs (Which me as you have to have the appetite to read legal documents and make sure your commercial points are reflected properly) Sometimes credit process and docs process may run simultaneous as clients will like to close the deal asap in most cases. Hope this helps