Debt capital markets
Helping companies and governments raise money by selling bonds.
DCM is the half of capital markets that moves in debt, not equity. The bank sits between issuers and investors, insurers, pension funds, asset managers, banks, running five stages, origination, structuring, syndication, execution, aftermarket. A break anywhere derails the whole thing.
DCM is continuous and credit-driven. Unlike ECM, a market tantrum doesn't slam the debt window shut overnight, issuers can almost always get a deal away. The question is price, not feasibility. Typical deal sizes run $200M–$3B; fees are thin (0.2–0.5% IG, 1.5–2.5% HY), so volume matters. Timelines are short, 4–6 weeks IG, 2–4 weeks HY.
The skill set is credit analysis, covenant design, roadshow. Pricing is in basis points over a benchmark, Treasury, Bund, Gilt. IG trades 50–300bp over; HY 300–1,000bp+. New paper usually carries a 10–50bp concession to lure buyers.
The syndicate desk runs the book. Orders come in as spread-and-size ("$50M at 275bp"), not share counts. Long-only holders get allocations first; flippers get cut. A well-allocated deal holds its secondary price; a poorly allocated one bleeds.
Inside the bank, banking wants the deal live, markets wants the right price. Fee credit gets fought over, originators claim 25–35%, distributors 40–50%. The lead bookrunner takes the biggest slice; co-leads and syndicate members split the rest. Loan syndications (TLA, TLB) sit alongside bonds, priced off SOFR plus 200–600bp.
Reading the window is everything. Credit can move fast.
Open jobs
| Job | Firm | Level | Stage | Posted |
|---|---|---|---|---|
| Debt capital markets · France & Benelux Corporate |  JPMorgan | Analyst | 1+ years | 8 days |
| Debt capital markets |  Bank of America | Summer | Second-to-last or final year at university | 4 weeks |
| Debt capital markets | Bank of America | Off-cycle | Students and recent graduates | 4 weeks |
| Debt capital markets · Transaction coordination group |  Deutsche Bank | Experienced | 3+ years | 3 months |