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- First Step to Final Offer 2/3/26
First Step to Final Offer 2/3/26
Brooks Gammill
February 03, 2026
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internships, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
CAREER OPPORTUNITIES
Class of 2028 Finance Opportunities
Citi Banking - US, 2027 Summer Analyst - Multiple Roles and Locations Link
Barings 2027 Investment Management Summer Internship Link
Houlihan Lokey 2027 Summer Financial Analyst – Capital Solutions (Class of 2028) - Los Angeles Private Debt Advisory Link
Hennepin Partners 2027 Investment Banking Summer Analyst Link
UBS 2027 Summer Internship - Multiple Roles and Locations Link
Truist 2027 Wholesale Credit Delivery - Corporate & Leveraged Finance - Summer Analyst Program (Internship) Link
HSBC Relationship Management, Markets, and Investment Banking Internship - Multiple Roles and Locations Link
Dodge & Cox 2027 Investment Associate Internship Link
FORVIS, LLP Intern Employee Stock Ownership Plan (ESOP) Consulting Summer 2027 | Bowling Green Link
Shea & Company 2027 Summer Analyst Link
Santander Bank 2027 Global Transaction Banking Summer Analyst Link
To see c/o 2028 opportunities, click here: Class of 2028 Application Tracker
Class of 2027 Finance and Consulting Opportunities
Verition Fund Management Summer 2026 Internship (NYC) - Multiple Roles Link
UBS 2026 Summer Internship - Wealth Management Operations - Nashville Link
KPMG Intern, Summer 2026 - Multiple Roles and Locations Link
Capstone Summer 2026 Risk Internship Link
West Monroe 2026 Data & Analytics Consulting Intern Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2026 Consulting Opportunities
TECHNICAL QUESTION OF THE WEEK:
Rank these 3 valuation methods from greatest to least expected value: LBO, Public Comps, Precedent Transactions. |
MARKET NEWS
Global Bond Sales Hit $1 Trillion at Fastest Pace on Record
Global publicly syndicated bond issuance has reached $1 trillion faster than ever before, with the milestone passed on February 2, 2026—earlier than previous years. Borrowers are rushing to lock in relatively low funding costs amid strong investor demand. Government bonds account for over 40% of the total volume, followed closely by financial firms at nearly 35%, including a record $16 billion deal by Goldman Sachs. Corporate issuers, especially in tech, are expected to ramp up activity as they exit earnings blackout periods.
Source: Bloomberg
Hedge Funds Cut North America Exposure as Asia and Europe Attract Fresh Capital
Hedge funds significantly reduced their North America allocations in 2025 amid dollar weakness, policy uncertainty under Trump, and losses in megacap stocks. Allocations to North America-focused strategies dropped from 39% in 2024 to 23% in 2025, while Asia allocations rose to 13% and Europe led with 30%, according to reports from Goldman Sachs, JPMorgan, and BNP Paribas. Despite the shift, North America remains dominant in innovation-led sectors like AI and pharma, prompting asset managers to describe the diversification trend as structural, not a wholesale retreat.
Source: Reuters
M&A DEAL OVERVIEW
Ares Leads €100 Million Investment in Venice Airport Buyout Backing Finint
Ares Management is leading a syndicate investing at least €100 million in equity to support Finint Infrastrutture’s acquisition of Milione SpA, the owner of Venice’s Marco Polo Airport. The €1.2 billion deal, completed alongside Ardian, has secured regulatory approval and is expected to close in the coming months. Ardian committed €600 million for its stake, while Ares’ secondaries unit backs Finint’s portion. Milione also owns Treviso Airport and plays a strategic role ahead of the Milano–Cortina Winter Olympics.
Source: Bloomberg
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: C, Depends on the specifc situation. — In the current interest rate environment, what would be the most ideal capital structure for a LBO deal?
Explanation: The most ideal capital structure in an LBO depends on the specific situation because higher and more volatile interest rates change the trade-off between leverage and risk. In a high-rate environment, using too much debt can pressure cash flows and reduce equity returns, so sponsors may favor lower leverage, more equity, or flexible debt structures such as PIK, unitranche, or delayed-draw facilities. The optimal mix ultimately depends on the target’s cash flow stability, growth profile, ability to service debt, covenant headroom, and the sponsor’s return objectives, rather than a one-size-fits-all leverage level.