Incoming SA Capital Markets Group

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Anonymous User
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Incoming SA Capital Markets Group

Postby Anonymous User » Mon May 15, 2017 6:16 pm

Does anyone have advice for SAs entering a capital markets group?

I was wondering if there is any helpful background or general information that I could read or watch, so I'm not jumping into this cold.

Thanks!

Anonymous User
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Re: Incoming SA Capital Markets Group

Postby Anonymous User » Mon May 15, 2017 6:34 pm

You could, I guess, go read Underwriting Agreements or Prospectus Supplements, but it's going to be way over your head unless youre super diligent. I'm not a model associate, but just take things as they come, go to the CLEs (and pay half attention) and youll be fine.

h2go
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Re: Incoming SA Capital Markets Group

Postby h2go » Mon May 15, 2017 6:38 pm

Junior capital markets work just involves standing around a printer a lot.

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dailygrind
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Re: Incoming SA Capital Markets Group

Postby dailygrind » Mon May 15, 2017 6:53 pm

I might leaf through some of the articles on wowlw (Latham's cap markets blog, which is actually pretty great). There's not much that you are expected to know as a summer associate though, so I wouldn't sweat it if you roll in there without a lot of substantive knowledge.

BigZuck
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Re: Incoming SA Capital Markets Group

Postby BigZuck » Mon May 15, 2017 7:11 pm

Your time will probably be better spent increasing your alcohol tolerance and/or strategizing how to not end up a capital markets associate (real advice, not flame)

BigZuck
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Re: Incoming SA Capital Markets Group

Postby BigZuck » Mon May 15, 2017 7:13 pm

But yeah take Sec Reg next year if you haven't already. Don't worry about not knowing anything, most junior associates don't know anything either when they start/are given a new assignment

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RedGiant
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Re: Incoming SA Capital Markets Group

Postby RedGiant » Tue May 16, 2017 12:03 am

Anonymous User wrote:Does anyone have advice for SAs entering a capital markets group?

I was wondering if there is any helpful background or general information that I could read or watch, so I'm not jumping into this cold.

Thanks!


It'd be helpful if you know your way around sec.gov. So like, understand how to find the "Company filings" section and how to look stuff up for say, Apple Computer. Find the "Guide to SEC Forms" that's on there, so you understand the big ones--10K, 10Q, 8K, S1, 424B, DEF14A (that's annual report, quarterly report, event reporting, offering docs (S1/424B), proxy for annual meeting DEF14A. If you want to take a smidge of time, flip through an annual report and a proxy statement for a company you know (apple, tesla, whatever...) and just understand what parts are vaguely where.

If you want to get all gunnerish, you can whirl around on Bloomberg Law in the Securities section or on Practical Law (PLC) and read up on basic topics. You don't need to do any of this, but it might help with your comfort level.

If you want to be super-gunnerish, brush up on basic accounting so you are familiar with what a balance sheet, income statement and statement of cash flows looks like. It's just helpful to be able to navigate through the financial statements, but you DO NOT need to know what each line item is, or understand the notes to financial statements that in the back of an annual report or an offering document. Again--this is just about knowing where stuff is, not about understanding all the content or what it means.

If you want to read some short guides on what the '34 Act does versus the '33 Act, that'd be broadly useful, but no one is going to ask you that.

If you school library has any guides to SEC/Securities Law research, take a gander at those and understand what CD&I and how SEC rulemaking works. Again, this is way above and beyond, but it might be useful or helpful if you get a research assignment. You're NOT expected to know anything though! Promise.

And yes, you will probably spend a lot of time at the financial printer, where you work with partners and in-house counsel (or other folks on an offering) to finalize documents and then put them up on EDGAR, the SEC's website.

have a fun summer!

Anonymous User
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Re: Incoming SA Capital Markets Group

Postby Anonymous User » Wed May 17, 2017 4:46 pm

Thank you for the help everyone. Looks like I'll need to brush up on some basics.




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