urrent client, and/or a reference for comparison for an employee in an investment or commercial bank.

Its
purpose is to secure a deal for the investment bank with the potential client.
Business in the investment banking community is conducted with an initial pitch or sales introduction.
Investment banking, traditionally considered being the more formal form of sales. Institutional vs. individual,
investment banking lends itself to be the former of the two in a tailored and highly effective sales strategy.
Adhering to a firm commitment underwriting, the investment bank, is a participant and managing member of an
offering. The other methods of banking, which involve less commitment, are either a best efforts
underwriting or "standby" commitment.
Bulge bracket, now full-service investment banking conglomerates, will compete to win the business of an
established client as either lead or co-manager of a syndicate. If a firm is less established, the firm, and not the
investment bank, will make the pitch to secure the relationship. The founders and management of the business
can do this through marketing a business plan or private placement structured. (See Regulation D) of the United
States Securities Act of 1933
The pitch book is indigenous to the investment bank doing the same, marketing itself to its clients. It is a chance
to show and prove why an investment bank should be considered amongst the wide variety of financing and
other sources of capital and considerations in the financial marketplace, not limited to debt and equity cost
comparison and structures.
The pitch book is not to be confused with a public information book ("PIB"), which is an internal resource for
the investment bankers to glean transactional and historic information of the intended industry a particular target
firm may be in or may be heading towards. The PIB is an easy to access research source, which is usually
maintained in the library of an investment bank.
The pitch book may employ a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). "Comps",
or Comparable Company Analysis may also be presented. In a comp, an investment bank will present industry
specific details, trends, macro- and microeconomic and company specific analysis, which will not only support
the investment bank's vision but also support reasoning for a particular future valuation discussion for the
potential client.
There are many contributors to an investment bank's pitch book. It starts with the analyst to the associate to the
vice-president and senior vice-president (relationship managers) to the lead of the team, the managing director.
As an example, a table of contents or outline will open the pitch book for discussion. Name, title, and
department present a management description of the deal team and other contributors within the firm’s internal
wealth of resources. An "overview", "financing requirements (such as satisfying capital expenditures "CAPEX"
and capital budgeting)", and finally as mentioned a description of the company's universe, the "comparable
company analysis" are all essential elements to an investment banking pitch book.
In investment banking, an underwriting contract is a contract between an underwriter and
an issuer of securities.
The following types of underwriting contracts are most common:[1]

 In the firm commitment contract the underwriter guarantees the sale of the issued stock at the agreed-
upon price. For the issuer, it is the safest but the most expensive type of the contracts, since the underwriter
takes the risk of sale.[1]

 In the best efforts contract the underwriter agrees to sell as many shares as possible at the agreed-upon
price. [1]

 Under the all-or-none contract the underwriter agrees either to sell the entire offering or to cancel the
deal. [1]
Stand-by underwriting, also known as strict underwriting or old-fashioned underwriting is a form of
stock insurance: the issuer contracts the underwriter for the latter to purchase the shares the issuer failed to sell
under stockholders' subscription and applications.
The term 'bulge bracket' frequently refers to the group of investment banks considered to be the largest and most
profitable in the world[1]; their investment banking clients are usually large corporations, institutions, and
governments. They usually provide both advisory and financing banking services, as well as the sales, market
making, and research on a broad array of financial products including equities, credit, rates, commodities, and
their derivatives. They are also heavily involved in the invention of new financial products, such as mortgage
backed securities in the 1980s, credit default swaps in the 1990s, and today, carbon emission
trading and insurance-linked products. Bulge bracket firms are usually primary dealers in UStreasury securities.
Bulge bracket banks are also global in the sense that they have a strong presence in all three of the world's major
regions: The Americas, EMEA, and Asia-Pacific. There is often debate over which banks are considered to
belong to the bulge bracket, because membership implies prestige, because there are no precise criteria for
inclusion, and because financial power is transient. Various rankings are often cited, such as Thomson Reuters
League Tables[2], Bloomberg 20, or other league tables.

What Does Bulge Bracket Mean?

A slang term used to describe the company or companies who issued the largest amount of securities on a new
issue in an underwriting syndicate, or who are the largest underwriting company or companies in the industry.

The bulge bracket is usually the first group listed on the tombstone, which is an advertisement of a new issue.

Investopedia explains Bulge Bracket

In the investment banking industry, syndicates are formed so underwriting companies can share the risks and
profits associated with a new security issue with other firms. The larger the new security issue, the more firms
are likely to take part in the new issue through syndication, but one firm is likely to act as the manager or co-
manager of the syndicate.

What Does Underwriting Mean?
1. The process by which investment bankers raise investment capital from investors on behalf of corporations
and governments that are issuing securities (both equity and debt). 

2. The process of issuing insurance policies.

Investopedia explains Underwriting
The word "underwriter" is said to have come from the practice of having each risk-taker write his or her name
under the total amount of risk that he or she was willing to accept at a specified premium. In a way, this is still
true today, as new issues are usually brought to market by an underwriting syndicate in which each firm takes
the responsibility (and risk) of selling its specific allotment.
What Does Negotiated Underwriting Mean?
A process in which both the purchase price and the offering price for a new issue are negotiated between the
issuer and a single underwriter.

Investopedia explains Negotiated Underwriting

The underwriter pays the issuer a purchase price, and the public pays the offering price. The spread between
the purchase price and the public offering price represents the proceeds to the underwriter.
hat Does Competitive Bid Mean?
A process whereby an underwriter submits a sealed bid to the issuer. The issuer awards the contract to the
underwriter with the best price and contract terms.

Investopedia explains Competitive Bid

This process is used for everything from IPOs to large construction projects.Trading comparables (trading
comps) are valuation methods that use ratios to value a company by assuming that it should be worth similar
multiples to similar listed companies.The methodology is not greatly different to that used when analysing listed
companies from the point of view ofportfolio investment (especially by an analyst calculating a target price).
However, the term is more often used in the context of valuing companies for transactions such
as IPOs and takeovers.
Unlike with portfolio investment, the desired number is likely to be a total value rather than a per share value,
but the principal behind the ratios remain the same, and the same sorts of ratios are used: revenue multiples,
profit multiples (such as EV/EBITDA) and asset based (such as net asset value).The use of trading comps
requires listed peers to the company being valued: similar companies in the same industry. The multiples used in
the valuation are based on those at which peers trade - the simplest technique is to simply take the average of
each ratio used for a selected group of similar companies.Transaction comparables (transaction comps), also
called deal comps, is the use of the ratings at which peers have been valued in transactions such
asIPOs and takeovers.Transaction comparables are usually used to value companies for the purposes of other
similar transactions, so they tend to be more a concern of investment bankers rather thanportfolio investors.
However, essentially the same technique can be used to evaluate the potential for upside from possible
takeovers.The use of transaction comps, differs from using trading comps, in that the value is based on the level
at which transactions have occurred, rather that the level at which peers trade. In other ways the methodology is
much the same. The peers available for transaction comps differ from those available for deal comps, so one
method may be usable when another is not. Transaction comps use recent deals which may include those
in listed companies. Using some types of transaction (such as IPOs) will lead to a lower valuation than trading
comps, while using others (such as takeovers) will lead to a valuation at a premium over trading comps. Which
is preferable depends on what the valuation will be used for.

Investment Banking

About Copal Partners

Copal Partners is the largest offshore financial analytics & research company and has approximately 1,000
professionals and over 40 clients, including several global bulge bracket investment banks, hedge funds, private
equity funds, consulting firms and Fortune 500 corporations. Copal recently was ranked #1 for outsourced
Investment Research and Analytics by the Black Book of Outsourcing 2008.Copal’s management team includes
individuals with experience in companies such as McKinsey & Co, GE Capital, UBS and Deutsche
BankCopal’s shareholders include: Merrill Lynch, Deutsche Bank, and CitigroupFor further details, please visit
our website: www.copalpartners.com

Opportunity

Copal Partners is currently looking for dedicated and motivated individuals who have strong leadership,
organizational and teamwork skills for its Qualitative team based in Gurgaon.Activities

 Supporting our clients to develop results-driven strategies, including critical industry or market
analyses, Company reports, Thematic studies, Capital Structure / Liquidity Analyses, Trading comps,
Transaction comps & Transaction modeling, competitive benchmarking and opportunity assessments
through in depth primary and secondary research
 Other Activities include structuring deliverables / teams & developing new capabilities / new research
products
 Conducting Quality control check of the outgoing reports/packs
 Leading multiple projects and manage a team of Research Analysts and Information Professionals to
provide external research and analysis
 Demonstrate strength and experience in client/requester relationship building and management,
information/knowledge needs assessment

Required BackgroundLeading and delivering projects related to qualitative side, including:

o Industry Study/ Thematic (must)

o Company Profiles (must)
o Pitch books (desired)
o Work on leverage finance (desired)
o Knowledge of financial modeling (preferred)
 Excellent written and spoken communication skills
 Post Graduation in Finance or equivalent qualification
 Working knowledge of database like Bloomberg, Loan Connector, Thomson, Factset etc Client
handling and team management