Anyone able to tell me something about secondary loan trading, exit ops, etc? I may have an opportunity for an internship in this and I'm wondering whether it is worth pursuing. Long term goal is working at a Hedge fund
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Got any other internships lined up? No? Then this thread is moot.
In relation to the opportunity, is it Lev debt? IG? You need to nail down the team's role. Are they pure execution traders? Run their own portfolio? It'll affect your credit analysis skills (which are pretty transferable) you'll pick up.
At the end of the day, as long as you learn some solid financial analysis skills and can piece together a plausible and cohesive story as to why you did this internship and why it's relevant to your next opportunity then all is good.
Don't think IG loans trade in secondary. At least in Europe loan trading always means leveraged loans. Credit skills will be very good if you do this job. Exit opps should include CLOs, distressed hedge funds (most loan desks work inside the high-yield or distressed desk)...
I am interested in distressed debt and special situations investing so that's kind of the first place i'd hope to end up, i'd also be ok with Long short. I guess it just depends where I start things for experience. Already have experience with L/S equity but I like the extra analysis in distressed stuff. I like the niche
Kyle, sounds like this opportunity is something you should seriously consider. But again, as proposed within my 2nd response, you need to get a handle on what they do. Working with the syndication desk is a bad thing (syn is a sales job) but lev fin would be a +ve experience.
They do? Never seen that, but ok, i will take your word for it.
Funny thing about the word moot; it actually means debatable. Think Entmoot from The Lord of the Rings.
Would a (leveraged) loan count as a fixed income product like a corporate bond?
yes
By definition, no, because they're floating rate... but by where they sit within major organizations, yes. Loan teams fall within the broader Fixed Income groups at major asset managers but are generally walled off from IG/HY because of the nature of the business constantly dealing with MNPI.
Bump.
Anyone have any idea what it’s like on the buyside?
I have an opportunity as a leveraged loan trader working for a decent sized firm (~10bn AUM for loans) trading for their CLOs and mutual funds. Wondering if anyone knows what a day in the life is like, how much risk you can take etc
Bump
Beuller?
bump
Bump.
But just wondering, why are you interested?
i am relatively new in my role on the sell-side. interested in hearing more about exit opps and day-to-day on the buy side..
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