Do corporate debt and municipal debt have different fees? So if Walmart issues $1b in bonds and California does as well, does corporate have a much higher underwriter's discount typically? I know that tax exempt debt has an average fee of $5.50 ish per bond so .55%. Is corporate, on average, more profitable?
Also, if you wanted a career in muni debt you would obviously go into public finance. If you want a career in corporate debt, what does that fall under? Would a first year analyst be called fixed income analyst or DCM analyst?