Finance career path

Debt Advisory

Discover what debt advisory is, how companies and public-sector borrowers raise and structure debt, what the work involves, and how students can prepare for internships and analyst roles.

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Introduction

What is debt advisory?

Debt advisory teams, at banks and at specialist advisory firms, help companies and public-sector borrowers raise, structure and refinance debt. That covers bank loans, bonds, private placements, leveraged finance for acquisitions, and public-sector funding instruments for municipalities and other public bodies. It differs from equity capital markets, which raises equity rather than debt, and from private equity, which uses debt to fund buyouts but sits on the borrower or sponsor side rather than advising on the financing itself.

The instruments themselves differ in structure. A bank loan is typically negotiated directly with a relationship bank, carries a floating rate and comes with tighter covenants and closer ongoing monitoring. A bond is placed with a broader base of public market investors, usually needs a credit rating, and trades afterwards, so pricing reflects secondary market appetite as much as the borrower's own credit story. A private placement sits between the two: it is negotiated bilaterally, often with insurers or pension funds looking for long-dated, buy-and-hold exposure, and avoids the cost and disclosure of a public bond issue.

What it isAdvising borrowers on how much debt they can support and how to structure it, then arranging that financing with banks, funds or bond investors.
How it differs from equity or M&A advisoryEquity and M&A advisory deal with ownership: buying, selling or merging companies. Debt advisory deals purely with financing, arranging borrowed money rather than changing who owns the business.
Why borrowers need itA company financing an acquisition, refinancing existing debt or funding a large investment needs the right mix of instruments and terms, and an independent view of what lenders will actually offer.
Why students find it interestingIt combines credit analysis, capital structure thinking and negotiation with tangible outcomes: a deal is either priced and closed, or it is not.

What they do

What debt advisory teams do

Credit analysis Analysing a borrower's cash flows and creditworthiness to determine how much debt it can realistically support. In practice this means modelling free cash flow against interest and principal obligations, looking at coverage ratios such as interest cover and leverage measured as debt relative to earnings, and stress-testing those numbers against a weaker scenario.
Structuring Designing the right mix of debt instruments, maturities and terms for the borrower's situation. That includes decisions on seniority, secured versus unsecured debt, and how much of the package should sit as a shorter-dated revolving facility for working capital against longer-dated term debt for the underlying financing need.
Market research Tracking comparable financings and lender appetite to gauge what terms and pricing are realistic. This means watching where similar credits have priced, how spreads over the reference rate are moving and which covenant packages lenders are currently willing to accept, since appetite shifts with market conditions.
Preparing materials Building the information memoranda and presentations that lenders or bond investors need to assess the deal. An information memorandum for a bank loan and a prospectus or offering memorandum for a bond serve the same purpose, giving investors enough detail on the business and its cash flows to price the risk, but differ in scope, legal form and the disclosure standards that apply.
Approaching lenders Reaching out to banks, funds or bond investors that fit the size and risk profile of the financing. For smaller or more sensitive deals this can mean a club of a handful of relationship banks; for larger financings it typically means a wider syndication process, and for bond or private placement deals it means targeting institutional investors such as asset managers, insurers or pension funds directly.
Negotiating terms Working through pricing, covenants and other terms on the borrower's behalf. Covenants themselves come in different forms: maintenance covenants that are tested regularly regardless of borrower activity, and incurrence covenants that are only tested when the borrower takes a specific action such as raising more debt or paying a dividend, and the balance between the two is often as contested as the price itself.
Syndication Spreading a loan across a group of lenders, particularly for larger financings that one lender would not hold alone. In practice, one or more banks act as arranger and initially underwrite the full amount, then sell down pieces of that exposure to other banks or institutional lenders during the syndication process, with the arranger typically retaining a role as agent who administers the loan afterwards.
Closing Coordinating documentation and conditions so the financing can complete on schedule. That involves working through a list of conditions precedent, items such as security documents, legal opinions and corporate approvals, that all need to be satisfied before funds can actually be drawn.

Step by step

How a debt advisory process works

Every financing is different, but most processes follow a similar path: understand what the borrower needs and how much it can support, structure the right debt package, approach the market, negotiate, and close.

Assessing how much debt a borrower can support is not just a matter of collateral value. Lenders look primarily at cash flow: whether recurring earnings comfortably cover interest and scheduled repayments, how that coverage might hold up in a downturn, and how the proposed leverage compares with similar borrowers in the same sector.

1 Understand the financing needThe team reviews why the borrower needs financing, whether for an acquisition, a refinancing or an investment, and how much debt it can support.
2 Structure the packageAnalysts and associates model the right combination of instruments, size and terms that fit the borrower's cash flows and risk profile.
3 Prepare materials and approach the marketThe team prepares the information lenders or investors need, then approaches banks, funds or bond investors that fit the profile of the deal.
4 Negotiate termsPricing, covenants and other conditions are negotiated on the borrower's behalf, comparing offers where more than one lender is involved.
5 Close and, where relevant, syndicateDocumentation is finalised and the financing closes. For larger loans, a bank may spread the exposure across a syndicate of other lenders.
Structure Place Close
The core of every financing: structure the right debt package, place it with lenders or investors, and close.

Types of work

Types of debt advisory work

Corporate lending and leveraged financeFinancing acquisitions and buyouts, often for companies that already carry meaningful debt relative to earnings. Within this space, a term loan A is typically held by relationship banks and amortises steadily, while a term loan B is aimed at institutional investors, carries minimal scheduled amortisation and is repaid mostly at maturity, and a unitranche blends senior and subordinated debt into a single facility with one lender or a small club.
Debt capital marketsHelping companies issue bonds to investors as an alternative or complement to bank financing. Investment-grade issuers can typically access the bond market on the strength of their own credit rating, while sub-investment-grade or high-yield issuers pay a wider spread to compensate investors for the extra risk, and both routes require ongoing disclosure that a private bank loan does not.
Public-sector and infrastructure financingFinancing for municipalities, water authorities and public infrastructure projects, often through dedicated public-sector lenders. These borrowers often benefit from an implicit or explicit government backing, which typically brings them a stronger credit profile and lower funding cost than a comparable corporate borrower, and dedicated lenders such as BNG Bank and NWB Bank in the Netherlands exist specifically to serve this segment.
Restructuring and refinancing advisoryAdvising borrowers under financial stress on how to renegotiate or replace existing debt. That can mean negotiating a covenant waiver when a borrower is at risk of breaching a test, agreeing a standstill period while a longer-term solution is worked out, or arranging an amend-and-extend where existing lenders agree to relax terms and push out maturities rather than force an immediate default.

Roles

Roles in debt advisory

Intern

A student supporting the team with research, data and basic analysis.

Main tasks
Market research, gathering data, supporting credit and cash flow models.
Key skills
Excel, basic understanding of accounting, attention to detail.
Typical level
Student, often in a later year of study.

Debt Advisory / Capital Markets Analyst

An entry-level professional who does much of the modelling and market research behind a deal.

Main tasks
Credit and cash flow modelling, comparable financing research, preparing lender materials.
Key skills
Financial modelling, credit analysis, clear writing.
Typical level
Entry level, often straight from university.

Associate

Runs the day-to-day of a financing process and guides analysts.

Main tasks
Leads structuring work, coordinates due diligence, drafts lender presentations, and is often the one who keeps the credit model, the term sheet and the closing timetable consistent as terms get negotiated over the course of the deal.
Key skills
Strong modelling, judgement, project management.
Typical level
A few years of experience.

Vice President

Manages client relationships and leads execution of live financings.

Main tasks
Client contact, negotiation, overseeing the analyst and associate team, and managing the relationship with lenders directly, since much of the term negotiation happens vice-president to vice-president or director to director rather than at analyst level.
Key skills
Negotiation, relationship management, deal experience.
Typical level
Mid-level.

Director / Managing Director

Owns client relationships and brings in new mandates.

Main tasks
Business development, senior negotiation, representing the firm to clients and lenders.
Key skills
Track record, relationships, leadership.
Typical level
Senior.

Career timeline

How long each step tends to take

Debt advisory does not have one fixed ladder, and timing depends on the firm, the country and how you enter. As a rough guide, the path from analyst to director looks roughly like this.

Analysts typically spend their first years building modelling and credit skills before moving to associate. From there, an associate stint usually runs a few years before stepping up to vice president, where client contact and negotiation become a bigger part of the role. Director and managing director roles come later, once someone has built a strong track record and a network of client and lender relationships.

LevelTypically in role
Analysta few years
Associatea few years
Vice Presidentseveral years
Director / Managing Directorsenior level, built over time

Business model

How debt advisory fits the business model

Banks earn arrangement and underwriting fees for structuring and placing debt on behalf of a borrower. If the bank also lends directly as part of the deal, it earns ongoing interest income on top of that arrangement fee, which is one reason banks are often well placed to run this process.

When a bank underwrites the full amount before syndication, it takes on the risk of being unable to sell down the full exposure at the agreed terms if market conditions move against the deal. Some financings include a market flex provision, which allows the arranger to adjust pricing or terms within agreed limits if investor demand requires it, shifting some of that risk back toward the borrower.

Advisory firms, such as accountancy and advisory networks, earn advisory fees instead. Because they do not lend themselves, they can help a borrower find and negotiate the best financing terms independently of any single lender, which some borrowers value precisely because it removes a potential conflict of interest.

Handtekening onder een financieringsovereenkomst
Closing a financing: documentation is finalised once terms have been agreed with the lender.

Compensation

Compensation in debt advisory

Compensation in debt advisory typically consists of a base salary plus a bonus tied to deal volume and the firm's overall performance. It is generally comparable to other banking and advisory roles, though it varies by firm, seniority and whether you work at a bank or an advisory firm.

As with most deal-driven finance roles, the bonus component grows in importance as you become more senior, reflecting the fact that senior professionals are judged increasingly on the mandates they bring in and close rather than on execution alone.

Deal flow in debt advisory also tends to move with wider credit market conditions: financing volumes pick up when borrowing costs are attractive and slow down when markets are more cautious, so total compensation across a team can vary from one year to the next even without any change in the underlying work.

Juniors

What interns and juniors do

Junior team members do much of the groundwork a financing is built on. That groundwork matters more than it might seem: a financing decision ultimately rests on numbers a junior analyst pulled together and checked line by line, so accuracy under time pressure is one of the most valued traits early on.

  • Building credit and cash flow models
  • Preparing lender and investor presentation materials
  • Researching comparable financings and market pricing
  • Supporting due diligence and documentation
  • Tracking bond and loan market news
  • Supporting senior team members in client meetings

Skills

Skills you need

Credit analysis Financial modelling Understanding capital structures Debt instruments Excel Clear written communication Relationship building Negotiation Attention to detail

Routes in

Best routes into debt advisory

Bank internshipsInternships directly into a bank's debt advisory or capital markets team.
Graduate programmesStructured graduate programmes at banks with a track into debt or capital markets.
Corporate finance practicesDebt advisory teams at accountancy and advisory firms, often part of a broader corporate finance practice.
Public-sector bank traineeshipsSome public-sector banks run dedicated traineeships covering public and infrastructure financing.
Working student rolesPart-time roles alongside study that build early modelling and credit exposure.
Corporate finance internshipsA broader corporate finance internship that later specialises into debt advisory.

Compare

Debt advisory versus other finance paths

Debt advisory vs equity or M&A advisory

Equity and M&A advisory deal with ownership: buying, selling or merging companies. Debt advisory raises or advises on debt financing, without changing who owns the business.

Debt advisory vs corporate finance

Debt advisory is a specialised financing discipline that often sits inside a broader corporate finance practice, which also covers valuation, M&A support and other advisory work. The overlap is real: both disciplines model cash flows and assess a company's financial position, but corporate finance more often works toward a valuation or transaction outcome, while debt advisory works toward a financing outcome, a signed facility or bond, with its own timeline of market approach, pricing and closing.

Debt advisory vs private equity

Private equity uses debt to fund buyouts but sits on the borrower or sponsor side. Debt advisory sits on the advisory side, helping structure and place that financing.

Debt advisory vs investment banking

Investment banking spans a wide range of advisory and capital markets work. Debt advisory is a specific, financing-focused practice, often housed within a bank's broader coverage or capital markets division. A generalist investment banking analyst may rotate across M&A, equity capital markets and debt work before specialising, whereas someone who joins a dedicated debt advisory or leveraged finance team tends to build credit and structuring expertise earlier and more narrowly, which can be an advantage for anyone who already knows they are drawn to financing rather than transactions.

Employers

Debt advisory employers in the Netherlands

A selection of known parties active in debt advisory in the Netherlands, grouped by type. We only list parties we have verified and expand this over time.

Banks

ING logoING Rabobank logoRabobank BNG Bank logoBNG Bank NWB Bank logoNWB Bank

Accountancy and advisory networks

BDO Netherlands logoBDO Netherlands RSM Netherlands logoRSM Netherlands Crowe Foederer logoCrowe Foederer
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Vacancies

Debt advisory vacancies

We only show real, current openings with a link to the employer. Internships, working-student roles, analyst positions and off-cycle internships appear here. In the meantime, browse all current vacancies.

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Preparation

How to prepare as a student

1Learn the basics of credit analysisUnderstand how lenders assess whether a borrower can repay debt.
2Build financial modelling skillsPractise building cash flow and simple debt schedules in Excel.
3Understand capital structuresLearn how different types of debt rank relative to each other and to equity.
4Follow bond and loan market newsRead about financing deals to see how pricing and terms move with the market.
5Seek relevant internshipsLook at bank debt or capital markets teams, and corporate finance practices at advisory firms.
6Make a clear one-page CVKeep it focused on relevant skills and results.
7Read annual reportsSee how companies describe their own debt and financing choices.
8Network with people in the fieldAsk analysts and associates how they entered the field and what their work looks like.

Resources

Recommended resources

Coming soonIntroduction to credit analysisA simple, step-by-step introduction to how lenders assess creditworthiness.
Coming soonGuide to debt instrumentsAn overview of the different types of debt, from bank loans to bonds and private placements.
Coming soonReading financing disclosuresHow to find and understand how companies describe their financing in annual reports.

FAQ

Frequently asked questions

What is debt advisory?

Debt advisory is helping companies and public-sector borrowers raise, structure and refinance debt, such as bank loans, bonds, private placements and acquisition financing, on terms that fit their needs.

How is it different from equity or M&A advisory?

Equity and M&A advisory deal with ownership, buying, selling or merging companies. Debt advisory deals with financing, arranging borrowed money for a company rather than changing who owns it.

Do you need a finance degree?

A finance, economics, business or accounting degree is common and helpful, but it is not always strictly required. What matters most is strong numerical ability and a genuine interest in credit and capital structures.

What does a typical financing process look like?

In general terms: understanding the borrower's need and capacity, structuring the right debt package, preparing materials and approaching lenders or investors, negotiating terms, and then closing and sometimes syndicating the debt.

What is leveraged finance?

Leveraged finance is arranging debt to fund acquisitions or buyouts, often for companies that already carry a meaningful amount of debt relative to their earnings.

Is this the same as commercial lending?

Not quite. Commercial lending is a bank directly extending credit to a client. Debt advisory sits alongside or ahead of that, helping the borrower structure the request and, in some cases, compare offers from several lenders.

What is the work-life balance like generally?

It follows the rhythm of banking and advisory work more broadly: busier around live transactions and deadlines, calmer between mandates. It varies by firm, team and market conditions.

Can you move from debt advisory into other finance paths?

Yes. The credit analysis, modelling and negotiation skills built in debt advisory transfer well to corporate finance, restructuring, credit risk and other financing-related roles.

Related

Related finance paths

Corporate Finance Investment Banking Real Estate Finance

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