How do you answer 'What's a deal you've been following?'

Three preparation pillars:

• Pick a deal in your bank's sector specialization. For an IB interview: a mandate the interviewer's bank advised on. Check the league tables.
• A structured answer (60–90 sec): (a) deal description: '6 months ago, [buyer] acquired [target] for $2.5bn.' (b) strategic rationale: 'vertical integration / geographic expansion / margin synergies.' (c) valuation: 'a multiple of ~9x EBITDA, a 25% premium to the 1-month VWAP — typical for the mid-market.' (d) financing: 'cash + a $1bn bridge loan, refinanced via a senior bond plus a private placement.' (e) your take: 'I find it interesting that [specific detail] — it shows [strategic insight].'
• Be ready for follow-ups: 'Who advised?' / 'What were the synergies?' / 'How was it paid for?'. Prep tip: prepare 2–3 deals deeply, not 10 superficially.