I have an interview coming up for a semester abroad internship with Nab Capital, which is the investment-banking arm of The Bank of Australia. Specifically, it will be with their fixed-income and DCM division. I have been working on the floor of the PHLX all summer in an options trading stint, however, it has been awhile since I studied fixed-income. Does anybody have any advice on how to prepare for this interview or does anybody have any track specific information on the firm that may be of use to me?
What would be the best book to read to touch up on the world of fixed-income and prepare for this internship? Thx guys, any input is much appreciated.
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Dude... get the name of the bank correct for the interview. National Australia Bank, hence NAB. Like all the major aussie banks (CBA, ANZ, Westpac) they own a NZ sub, called Bank of New Zealand.
Read up on fixed income terminology, investopedia works (spread, basis points, swap spreads, duration). Have a view on rates and the markets.
Ahhh, yes knowing the correct name of the bank would def. be a start! Anything else? Is this a good book to refresh on fixed-income: http://www.Amazon.com/Handbook-Fixed-Income-Securities-5th/dp/0786310952 ? By the way, this internship will be in London and apparently NabCapital has its own trading floor with 400 ppl on it. Anybody know anything about this floor? Thx
That book seems to have enough to get you off to a start. For an internship, they don't expect you to know everything, you're there to learn. Focus on the soft-skills, teamwork, leadership, etc. That book seems to give a pretty good overview of the fixed income market, so it'll be worth a read. Also take a look at articles that summarizes the credit crunch and you can see how the different markets were intertwined.
Also, as an FYI, today they replaced NAB's CEO with the CEO from Bank of New Zealand (Cameron Clyne). I was fortunate enough to meet Cameron at a pitch two weeks ago (in NY). Really great guy, down to earth.
Don't know a lot about NabCaptial's trading floor. They're much larger in London than in NY. 400 sounds about right. Keep in mind that there are more than just traders on a trading floor. Sales, Research, origination, middle market generally all sit on a trading floor.
also its 'nab' not NAB or Nab. They might care about that...
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