Jordan, who joined the firm in Leveraged Finance right after graduating from the University of Connecticut in 2011, spends much of his time covering the industrial sector, which is no surprise given his weekend activities. Although he majored in finance, Jordan likes to spend his free time working on classic cars and riding motorcycles. His experiences and interests outside of the office translate surprisingly well into an aptitude for analyzing and solving the sorts of problems he encounters when structuring deals for clients. “There’s a lot of complex financial and legal situations,” he says, “and while I don’t literally get my hands dirty, oddly enough, the structuring aspect feels totally comfortable to me.”
We basically provide capital for corporate clients to fund various transactions and capital needs in the non-investment-grade space. So, below-investment-grade companies come to us for advice on how to raise debt capital, in particular—typically, to fund mergers and acquisitions, refinancings, dividend share buybacks, or any strategic objectives they may have. I sit in the origination group, the clients' point of contact for structuring the financing, and we communicate between the Investment Banking Division, which has the direct relationship with the client, and the Sales and Trading and Syndicate desks, where they actually sell the debt. We provide the structure for the deal and work with both groups to coordinate the sale of those debt facilities.
It depends. For example, we just priced a deal, which meant constant phone calls with the client throughout the day. We got on the phone at 7:30 in the morning to talk about how we should launch the deal. There were three or four phone calls before noon to tell the client how the deal was going, another 10 calls with lawyers to finalize the legal documents, and then another call with the company lawyers and other banks to finalize pricing. We spent the next few hours finalizing all the legal documents. It's pretty consuming. When you're in the market with a bond deal, there's not so much time to do much else. But other days, you spend a lot of time talking to the investment bankers about prospective deals, trying to come up with creative solutions to financings for mergers and acquisitions or refinancings. And we typically do a lot of client calls, as well.
I've been here long enough to see a lot of people who started out become Managing Directors and have really successful careers. On the other hand, I know a lot of people at other banks who leave pretty quickly because they don't see the same value in staying somewhere for so long. A lot of people across this floor, in particular, have been here for 20+ years—they have real equity in the firm and they are highly respected by senior management. If I didn't think there was value to being here for a long period of time, I wouldn’t stay. But I definitely think there is.
Last night, I was up until 2:00 in the morning waiting for lawyers to send around draft documents so we could sign off and launch at 7:30 this morning. But that was because we posted the second largest secured-bond deal ever two days ago. It was one the biggest deals I've done here. We committed to it a few months ago, so it's been a long process and there have been a ton of stressful nights. But getting that priced and done and calling the client was huge.
It's definitely changed pretty drastically, in terms of the number of automated systems, how we track our pipeline of deals, how we track the client deals, how we track our fees, our revenues, our outlook for the year. It's much more efficient, and that allows for more connectivity within the firm. When I started, we didn't really see much of that. We just did what we did and passed it off to another team; that was the end of it. Now, we touch 10 times the number of people outside of our working group as we once did.
I like to go out to Bear Mountain and other state parks outside of the city, but it’s also good for running errands around the city when it’s nice out. You just gotta know how to dodge the buses. Although, my wife doesn’t really like me doing that.