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The year just ended for analysts.
Corporate finance and M&A had a much better year than previously. HSBC have 0 bonuses the previous year - that's how bad it was. The numbers range from 15-35 for 1st years (55 base) and about 15-50 (65 base) for 2nd years. I'm really amazed by how quickly M&A picked up steam actually and wonder what they'll do next year.
Public finance products are much more stable and had a phenomenal year just now and when private sector financing projects were done, municipalities still issued bonds and notes. The lower interest rates led to more municipalities entering into complex deriviatives and swaps with variable rate functions and refunding of previous debts. Next year, supply will definitely be lower but if you're a market share firm, it won't affect you. Analysts earned from 10-30 (45-55 base) and 20-50 (65 base) from the ranges I saw.
It's actually going to get more interesting as the financings get more complex and for us in fixed income munis, the election really does present some interesting opportunities hopefully.
-Rudey
--I wish some of you would get interested in this stuff
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