Equity Research
What does Equity Research do?
Produces analyses, recommendations, and reports on investment opportunities.
How many people (approximately) are on Key's M&A team?
25 (~15 are juniors).
Define the acronyms for REIB and REC.
REIB - Real Estate Investment Banking.
REC - Real Estate Capital.
The role that Emma currently holds.
What is a Relationship Manager?
What other areas can you work in at Key, that are not traditional banking?
Human Resources, Marketing, Technology, Legal.
How are analysts/associates different in Equity Research vs. other investment banking groups?
Analysts are the most senior, and associates are the entry-level roles. Analysts in Equity Research are similar to Managing Directors in investment banking.
What were the two tasks that make up an M&A intern's typical "day in the life" ?
Transaction Execution (executing the M&A process) and Pitching (presenting buying & selling opportunities to businesses).
Briefly define Commercial Real Estate.
Property used specifically for business or income-generating purposes.
What are Emma's average work day hours?
9-6pm. But also after-hours events (drinks, baseball games).
What are the two lines of business (LOBs) that we have heard from that are housed within the Institutional Bank?
KeyBanc Capital Markets (KBCM) and Real Estate Capital (REC).
Which part of KBCM does Equity Research closely collaborate with?
Sales & Trading (the eyes and ears for Equity Research in terms of client feedback & breaking news).
What does CIM stand for?
Confidential Information Memorandum.
List a few commercial real estate property segments (types of properties).
Multifamily (apartment complexes), office buildings, hospitality (hotels), seniors housing & care, retail, self-storage, industrial.
What are some work tasks Emma does?
Looking for prospects, cold calls, leading meetings.
Approximately how many employees does KeyBank have across its entire footprint?
~17,000 - 18,000
List a few of the Equity Research sectors that we cover.
Consumer & Retail, Healthcare, Industrial & Basic Materials, Real Estate, Utilities, Power, & Renewables, Technology.
What is a fairness opinion?
Render an opinion on the fairness of the terms of a transaction. (Review proposed agreement documents, evaluate market conditions and if there could be a better deal).
Name a few of the sub-groups in Real Estate Capital (REC).
Community Development Lending & Investment (CDLI), Income Property Group (IPG), Healthcare Group, Institutional Real Estate (IRE), Commercial Mortgage Group (CMG).
What are two ways to raise capital?
Debt (loans) and equity (stock market).
What are the three main parts/areas of KeyBank as a whole?
Consumer Bank, Commercial Bank, Institutional Bank.
What is one thing that Equity Research associates do on a regular, scheduled basis?
Review and report on companies' quarterly earnings (4 times a year). Public companies must report earnings every quarter.
___% of Key's M&A transactions are sell-side, ____% are buy-side.
75% sell, 25% buy
List the 4 phases of the Real Estate Investment Banking (REIB) capital raising process.
Phase 1 - preparation/pre-marketing (list of potential investors, prepare teaser)
Phase 2 - marketing (contacting investors, giving access to marketing materials, selecting investors for next round)
Phase 3 - negotiate terms/due diligence
Phase 4 - final negotiations/funding (execution)
Approximately how many retail branches does Key have?
1,000 branches located across 15 states.
Which part of KeyBank as a whole does the retail branches make up?
The consumer bank.