2024 Global Capital Markets Summer Analyst Programme (London)
Placement and Duration
Global Capital Markets at Morgan Stanley is divided into three sub-divisions, comprising of Equity Capital Markets (ECM), Fixed Income Capital Markets (FICM) and Leveraged Finance (LAF). GCM is a private-side division which offers the best of both worlds: thinking “markets” and acting “strategy”. The 10-week Global Capital Markets (GCM) Summer Analyst Program is an opportunity to experience the culture and atmosphere of Morgan Stanley's GCM division by taking on the responsibilities and functions of a Full-time Analyst. Summer Analysts are assigned to a specific desk and will not only get exposure to the deal process — including business development, origination, structuring and execution — but also will gain an understanding of how the different areas of the bank, including Corporate Finance, Sales & Trading, Research, and Mergers & Acquisitions interact.
Equity Capital Markets (ECM):
- Execution-focused product team that advises clients on equity, equity-linked and equity derivative products, including IPOs, follow-on offerings, convertible bonds and derivatives.
- Provide judgement and advise on optimal transaction structures, timing, sizing, amongst other key execution considerations
- Work closely with public, private, government and private equity clients, acting as a bridge between them and the global equity investor base
Fixed Income Capital Markets (FICM):
- Support Senior Bankers in the coverage and origination of business for FIG, Corporate and SSA clients in relation to debt financing; this includes regular pitching through meetings, broader capital and issuance strategy planning, weekly updates on markets and debt pricing across the capital structure and currencies for the clients.
- Work closely with internal teams across IBD, GCM and Sales & Trading on regular market analysis for clients to outline solutions to their financing needs and broader strategy; these might include M&A financing, capital planning, roadshows and swap executions.
- Execute live transactions collaborating with clients, investors, syndicate desk and traders, as well as other banks.
Leveraged & Acquisition Finance (LAF):
- Generate ideas / act on debt origination opportunities for sub-investment grade rated corporate and sponsor-owned clients (debt origination opportunities broadly consist of (1) general corporate purpose financing, (2) refinancing of existing debt, (3) dividend recapitalisation, (4) leveraged buyout financing. These opportunities can be executed via two types of facilities: high yield bonds and leveraged loans).
- Once mandated, work closely with internal teams across IBD and GCM to bring clients to the rating agencies where they will receive either a debut rating, or in the case that the client is already rated, a ratings update (which will take into account the latest financial performance of the client, the forecast business plan, the proposed transaction, and other details)
- After the client receives an updated rating, enter the live execution phase, in which we work closely with internal teams across IBD, GCM and Sales & Trading, to conduct marketing exercises with investors / lenders, until the proposed facilities are priced and allocated
Training begins in June with one week of intensive classroom training. This will include an introduction to Morgan Stanley, followed by division-specific training. Throughout the internship, you will be exposed to business speakers, practical sessions and have the opportunity to exchange ideas and learn from your peers through various social activities and events.
- Providing support on marketing and execution of various types of offerings and products such as IPOs, capital increases, derivatives and securitisations
- Analysing and advising clients on the most effective transaction structures to meet their objectives
- Gathering data and analysing trends, investor sentiment and market outlook
- Preparing analyses of transaction precedents, shareholding structures, stocks metrics and performances
- Creating financial models
- Attending team discussions and client meetings, where you may be asked to deliver parts of a presentation
Qualifications, Skills and Requirements
- You are in your penultimate or final year of university studies.
- You have strong analytical and numerical skills that put you at ease with financial data.
- You articulate complex ideas simply and summarise them effectively.
- You are results-driven, perform well under pressure and against tight deadlines.
- You are a proven team player with a positive attitude and the ability to manage a wide range of responsibilities.
- You have a creative mind-set and “think outside of the box”.
- You are fluent in English; ability to communicate effectively in another language is an advantage.
- You are committed to excellence in your work and maintain high professional and ethical standard.
The deadline for application for this position is Sunday 12th November 2023. Please note, we recruit and make offers on a rolling basis so application is encouraged as soon as possible.
This Program is closed to applications.