The Daily Technical #30: When would an investor prefer fixed rates over floating rates (and vice versa)?

Good morning. Welcome to the 30th edition of The Daily Technical. You’re here for one reason so let’s dive in.

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OVERVIEW OF YESTERDAY’S QUESTION
What type of material is found in an M&A pitchbook?

A pitchbook is a marketing document used by investment banks to pitch potential clients to hire them for a particular transaction. The pitchbook will differ by each investment bank, but the general M&A transaction pitchbook will include:

1. Introduction of the Investment Bank and Dedicated Team Members
2. Situational Overview of the Deal and Client Company
3. Prevailing Market and Industry Trends
4. Implied Valuation Range and Combined M&A Model
5. Proposed Deal Strategy Outline and Key Considerations
6. Credentials and Tombstones of Relevant Industry Experience
7. Appendix (DCF Model, Trading Comps, Transaction Comps)

Common Mistakes

1. Jamming the pitchbook with unnecessary data. Stick to what's relevant to the specific deal and client. Tailor each section to enhance clarity and impact.

2. Neglecting Visual Appeal: Ensure the layout is clean and easy to navigate, using visuals smartly to emphasize key points.

3. Ignoring Industry Trends: Make sure the trends are current and relate to the client's specific circumstances to boost credibility.

Key Takeaways / TLDR

• A pitchbook is a marketing document used by investment banks to pitch services for a specific transaction.

• Sections: introduction, situational overview, market trends, valuation/m&a model, deal strategy, credentials, appendix.

TODAY’S QUESTION
When would an investor prefer fixed rates over floating rates (and vice versa)?

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