Where the best/most respected HY/distressed desk analysts at?
Title says it all: which banks have desk analyst teams that are most respected by the buyside and would be best to learn at? I figured the buyside clients would have the best color, since the desk analysts don't publish research or get ranked like the publishing teams. Thanks all.
From what gets talked about on the Street, Citi is very good on the HY side and has made a ton of right calls.
Citi, BarCap, GS
No one on the buyside listens to special sits analyst anymore. The trust is gone since there was a lot of risk management of banks' books (ie banks saying clients to get involved in a situation, they sell them product off their book, client gets screwed). Notwithstanding, baml and DB are respected in LDN.
In LDN, MS and CS and quite a few GS guys have all left. CS have tried to get a team together after firing them all in 2008, fucked it, everyone from the 2nd team left (or is trying to leave). MS all left to start new funds. Citi have been building a team, nothing spectacular. I've always liked BAML. DB are the go to guys (and they throw their weight around because of it). BNPP for some odd reason tried to get a team together.
Coming from a buy-side distressed shop: We couldn't care less about what any sell-side shop had to say about a company publicly.
In general though we had the best relationships with the "boutiques": GMP, Seaport, Global Hunter, Jefferies...
We traded through the big firms, BAML, DB, CS, GS, simply because they had paper to trade, but there were some firms we hated trading with, such as GS -- they always lied / tried to screw us on price.
So to answer your question: the best analysts are on the buy-side.
Andrew Silverman at GS is said to be pretty good
This dude ain't an analyst. He's the mkt maker, innit?
RBS is pretty good
Just speaking to my personal experience but I think MS distressed gets overlooked lately due to the high turnover they had a few years ago. They've been out front and center on some of the best calls across in spec sits over the past 2-3yrs (e.g. TXU, MGM studios, Travelport, Cengage, CCMO, Momentive, etc.). IMHO worth checking out the revamped group if been awhile.
What Oreos said... BAML are quite strong. Know a couple moved over from buyside funds such as Hayfin to BAML Special Sits.
In terms of ideas / color / calls, the individual matters a lot more than the desk / team / bank.
I know this is the hedge fund sub-forum but I was unable to find any substantial or detailed amount of information in the trading section, so I was hoping you guys would be able to help out.
Would you have any idea what one would be doing as a summer analyst in distressed trading at a BB (not GS)? I gather there will be market making on that desk but I'm not sure special situations-esque stuff will also be present. Are there any specific summer analyst responsibilities to be expected on this desk or is it the usual shadowing traders and getting breakfast?
GS research reports tend to be awful but their desks tend to be very good.
Citi and Barcap. BAML is getting there.
How reliable are institutional investor's rankings for this matter?
Bumping this... any additional color would be very much appreciated
Distressed desks NYC (Originally Posted: 12/16/2014)
Hey
Who do you consider best distressed desks in NYC (sell-side)?
Are they well regarded as being vaible exit option towards distressed HFs? And do they publish or not?
Thanks guys
Anyone with some insights?
Citi. barc is ok too
They do not publish-sometimes short blurbs will get sent out via traders in their runs It's not a bad route to the buyside but seems like its not as good as it used to be (from what I can tell). Analyst resources are spread thin and there are a lot fewer good, senior analysts to learn from since the desks/their balance sheets have been shrunk.
Tx - Citi also good in Ldn apparently
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