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How are balance sheet profitability ratios (ROA, ROE, ROCE/ROIC) used specifically for credit analysis?
I can't find an good intuitive explanations I'm happy with on Investopedia. 1. Is ROE useful at all in the realm of credit? 2. How is ROCE (capital employed) used in comparison to ROA? My understanding is that ROCE should be above the average interest rates of the debt financing the company; if it's...
What is the best group at a Credit Rating Agency?
Can anyone elaborate on the pros and cons of each group at a CRA? (Structured Finance, FIG, Corporate, Public Finance) I'd like to narrow down which one to pursue, to set myself up for the best exit opps/transferable skills. I've encountered many mixed opinions regarding FIG and SF especially, any...
Need to invest 400k now for 6-12 months in liquid securities how do I get the best return
Hi, I received 400k which I have to return in 6-12 months on relatively short notice (tax). The problem is that I dont know exactly when it needs to be returned and it can be on short notice (2-4 weeks). TBH pretty desperate now what to do with this. Can someone who is into liquid investments maybe...
Make $500k in a Unique Credit Role / Work 40-50 hours a week but boreddd!
Make $500k in a Unique Credit Role in London and work 40-50 hours a week. Came from a shop where I made less for more hours, but now I’m bored with all the time. Process is easy and straight forward as I have full autonomy but no one cares about my performance or returns or hardwork etc as this is...
Laid off, Career advice - HNW Wealth or Credit at Agency
Looking for a bit of advice on direction. Currently 2 Years out of College, did 1 year of back office at "BB", $80k, then 1 year in Tech Sales (Finished at $105k) then got laid off - this role consisted of selling fundamental data to Hedge Funds/ AM/ Equity Research teams. I was supposed to get...
Moving out of CLO analyst seat
I have been at a top-tier CLO manager for ~5 years as an analyst and I’m interested in moving elsewhere in the credit world. Specifically, looking at L/S credit, distressed and private credit roles. All different, but potentially more interesting and lucrative than CLOs. Does anyone who has made...
Investing / Lending to Dental Service Organizations
Anyone here with experience in investing and / or lending to dental services organizations? I'm being asked to advise a dentist who wants to start a DSO and being making acquisitions on approaches to financing growth. Would welcome a bit of a Q&A if anyone here has some expertise.
Private Credit 2023 Bonus Megathread
Has a thread for 2023 private credit comp been started yet? Level: [AN1 / AN2 / AS1 / VP2 etc] Institution: [Large AM / PC shop / AUM etc] Group: [DL / Special Sits / Infra / Industry Focus etc] Ranking: [Bottom / Middle / Top] Location: Base $$$ / Bonus $$$ / Total Comp $$$ % Stock / Deferred /...
Institutional Sales and Product at a top 5 AM
I am interviewing for an institutional sales / product role at a top AM. It's an analyst position (I have 2.5 yrs work experience). I'm lost on how to even begin to study. It's in the credit space so definitely brushing up on ABF / GCC product basic knowledge. any other tips? for ref- I don't work...
Interview Help - Structuring Fundamentals
Hey Chimps - long time lurker, first time poster. Need some help with prepping for Lower MM/Upper MM private credit interviews. In speaking with PC associates, I've been advised to be prepared to answer questions on the fundamentals of structuring (e.g., how much leverage would you put on this...
Credit HF to Asset Manager?
Hi currently a trader at a credit hedge fund (8 yrs of work experience, 5 on buy side / VP level). Getting an offer for a bit more money and responsibility (upside as well) at a large asset manager (think Lord Abbett, Voya, etc) to trade a type of structured product (think RMBS/CMBS/CLO). My current...
Rating Agency vs. MM Asset Management
Hi, I wanted to get some insight on some roles I currently have offers for; one is a junior rating's associate at a top 3 Rating Agency (Fitch / Moody's / S&P) while the other is a Research Associate position for a MM Bank within their Asset Management Division. As far as I know, the work life...
Rothesay
Hey guys, Any insights into the Credit function of Rothesay, especially their graduate program? There's very little information online. Any info would be appreciated!
Fund Finance vs Corporate Banking
I am in a leadership development program at a super regional bank. It is coming time to exit the program and start a full time role. It looks like my placement option would be in TMT CB at this regional. I applied for a few jobs externally over the summer mostly to see what was out there and,...
Launching A Niche Factoring Business
I'm looking to launch a niche factoring business targeted towards SMB manufacturers. The core value prop is helping them manage cashflows by purchasing invoices with net 60/90-day payment terms. On paper, this seems like it would be a nice, niche, lifestyle business and solve a real problem, but I'm...
Tips on internally-moving to different position after SA role
I signed an offer as a BB SA in NYC working in Risk Management (non-deal-centric). It is hard to say my current placement/function, but careerwise I eventually want to end up on the deal side in DCM/ private credit. I am grateful for my current role, but wanted to see if I could leverage the...
Insight into Polygon and its spinoffs
Pretty much the title. Have an interesting history, with great performance until 08, a 50% loss in 08-09 then pretty impressive rebound. They spun off across teams, keen to hear more about their credit platform (Acasta).
Verification of tenants' financial standing / capacity to pay the rent
Hello Fam, One question - how do to approach to verification of tenant's financial standing? Let's say we have a BTS warehouse let to specialized tenant. What measurements are you using, any specific ratios you look at? Like EBITDA/Rent or combined occupation costs? Or maybe variation of debt yield,...
Capital Requirements Killing Banking
Every fkn 3 years regulators in their infinite wisdom decide to up the capital requirements for banks. I've heard a lot of rumblings that upcoming regs are going to significantly increase capital strain on banks, however I don't think this has been talked about enough...Anyone have any thoughts on...
Exploring the Nuts and Bolts of Credit Fund's Risk Transfer Deals: Seeking Insights
Hi community, I am currently a junior data analyst at a credit fund, and I'm delving into the intriguing world of Synthetic Risk Transfer (SRT) deals. My goal is to gain a deeper understanding of how the investment process works, particularly when it comes to accessing each obligor/loan's default...
Specializing within credit sub-asset classes
I work for a boutique LO discretionary asset manager as a junior fixed income PM. Given recent turnover and a new strategic outlook, I have the opportunity of choosing which sub-asset class within credit to dive deeper into. While I'm currently a generalist, doing work for funds with IG Credit, HY...
Credit report says I am deceassed
I found out that my credit report mistakenly marked me as deceased, and it indicated that all of my credit cards were closed. I have a significant number of cards, so seeing that my bank accounts were supposedly closed really alarmed me. This happened while I was on vacation, and I was genuinely...
Do Direct Lenders offer amortizing loans?
Hope this isn't a silly question - but I can't find examples of private credit lenders doing something other than non-amortizing loans (unitranche, mezz). Does this happen? Thanks!
Entry into Infrastructure Debt
This one's for all the infra debt professionals/people who know folks in infra debt. Curious to know what backgrounds infra debt folks typically come from, how many YOE, and what the work/workload is like i.e. is it very much like project finance in a bank but with higher hurdle rates?
PC FT Recruiting From AM Investor Relations SA
Is this a possibility? I have seen that a few of the large funds recruit classes directly out of UG, although mainly made up of SA classes. If this is possible/heard of, what funds recruit for FT out of ug, and is the best way to go about networking via Linkedin/alum? I am interested in PC, and if...
Bracebridge Capital (Boston)
Would greatly appreciate any insight into the firm’s culture, comp, “prestige,” and exits. Seems like a really interesting shop – they were involved in the Argentine debt crisis. Just not a lot of info out there, so was curious as to general perceptions of the firm. Thanks!
BB Credit Analyst (rising senior) - 2024 FT Opps
Currently interning as a credit analyst doing structured finance at a big west-coast commercial bank. For reference, I come from a west-coast target with a 3.4 GPA. To keep short, what verticals can I reasonably recruit for? I'd most ideally slide into a ER, DCM, and PC position for FT....
Opinion of Certificates on Resumes (for students)
Hi WSO I need some advice: I'm a rising sophomore at a non-target school and plan on applying to different IB and Equity or Credit research internships later this year. I wanted to ask if having the Bloomberg Market Concepts and ESG certificates on my resume would add a lot of value or is it...
Cerberus Distressed
What is life like at Cerberus in the distressed group? Culture? Comp? Insight from any level is appreciated.
Thoughts on Invesco - Credit
In particularly their credit team as I have an interview for an entry role analyst position on Multi Sector credit. Don’t seem to be spoken about a lot on forums or generally as a sought after place to work. Which is surprising as considering how large their AUM is with 70%> actively managed. Any...
performing credit HY/LL/CLO comp reports?
Does anyone have any performing credit comp reports? HY/LL/CLO/HF etc. can PM https://www.odysseysearchpartners.com/comp/2023-p…
Nomura Debt Advisory - Lead left transactions?
Hey Monkeys, Thoughts on debt advisory at Nomura. Do they act as lead left in a lot of transactions in MM or act as joint book runners? Also, any thoughts, in general, would be appreciated.
Debt Advisory lateral/exit
I will work in a debt advisory boutique and was wondering what the natural moves are after doing a stint in debt advisory. Naturally I imagine going to bigger shops is natural, but what about other debt teams such as LevFin? And is it common to go from debt advisory to private credit/debt funds?
Bain Capital Credit 2024 SA
Wanting to start a thread for Bain Cap Credit since they said the process starts in March. Curious if anyone heard back yet
L/S Credit HF Paths
Hi Everyone, Looking for insight on what kinds of products would be good to specialize in a BB trading role to position myself to be competitive for L/S credit hedge funds? Don't have too much knowledge on the buy-side opportunities available within funds running credit strategies so any advice is...
Top Credit Hedge Funds (London)
Looking for some colour on long credit hedge funds in London and what pay and compensation would be at the VP level. Also how these firms differ and anything on culture. Names that come to mind: Anchorage, Angelo Gordon, Albacore, Arini, Diameter, Fortress, King Street, Och-Ziff/Sculptor, Oak Hill,...
KKR RE credibility
What are potential exit ops from kkr real estate, and how does kkr's re credit group rank among peers (BX, Ares, Apollo) etc.?
Debt Funds - Repo lines vs. Warehouse lines vs. Subscription Facilities
Curious on the differences between these various types of fund-level credit facilities utilized by RE debt funds. Subscription Facilities (sublines): More familiar with these; loan is secured by the commitment of the investors in the fund. Normally banks will size the loan availability to say, 90%...
Is it likely to go from a structured finance/securitization role -> private credit?
Firstly, I'm very new to all things debt-related and have just recently fostered an interest in credit, so bear with me if this all sounds conflated, it's most likely because I'm still trying to get my head around things and struggle differentiating aspects between LevFin, DCM, Fixed Income,...
What are the different types of Credit?
Posting this here in attempt to get this thread going for younger monkeys who may be curious about credit. What are the main differences between Private and Public Credit investing? What are typical pathways to a career in credit? Comp compared to M&A, S&T, Corp Dev? Work-life-balance? I think if...
ALM vs Fund Manager Research Exit Opps
I want to go into trading but also have an interest in credit research specifically, with the goal to break into the buy-side. Ideally a HF Which area is the better option? I know that with ALM I can move into ALM section at a bank then move into trading (spoke with someone who's done it, although...
Good books for Real Estate Credit Fund
Hey guys, I am about to join a Real Estate Debt fund next month which invests across the whole capital structure (senior, whole loans, mezz, distressed, construction loans etc.), and this forum has been very insightful in helping me land the role. I would like to ask for book recommendations that go...
Where to learn about Lev Fins/ Private Credit (Relevent Modelling and Fundamentals)?
I am starting as MBA Associate at a Semi Large Private Credit Fund ($8B Fund). Pre MBA I was BIG 4 Accounting and had little experience with financial modeling or Lev Finance. I am good at interviews and was able to talk my way into the job. Would appreciate if anyone can share where would be the...
Any insights into Bain Capital Corporate Special Sits team
Hi everyone Curious to hear about Bain Capital Corporate Special Sits / Distressed franchise (mandate, culture, track-record, etc), especially in London Understand mandate is broad, typically include loan to own, minorities, pull to par, pure PE plays, even long equities Also know they have several...
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Big 4 to CRE lending?
Hey guys, I’ve done a lot of research on this forum about the CRE industry and lending seems to be a great place for me to start out given my background in finance/accounting my interest in debt, and my long term goal of working at an REPE fund in acquisitions. I’m currently 3 months in at a big...
OFFER HELP
got no return from my IB SA this summer and am lucky enough to have following offers either in-hand or expected for FT 2023. all somewhat niche so trying to get a gauge on which one will position me best for a BB/EB IB lateral down the line. Really torn rn, anything helps. Offer 1: LevFin at a...
Private Credit/Direct Lending Deal Comps
Question for anyone in private credit/direct lending - anyone have any recommendations/resources for direct lending deal comps? I think most data sources like LCD pretty much only have the syndicated deals and even looking at preqin/DLD the data seems super inconsistent and incomplete. Trying to get...
MM Credit Delivery vs MM PubFin
Hey everyone, So I am currently recruiting for 2023 SA positions, and was fortunate enough to get an offer to do Credit Delivery at a MM firm. I am currently in the recruiting process for another MM in their Public Finance team, and was told that I would likely be advancing to the Superday. The only...
First Year Analyst at CS, screwed in event of crisis?
Hi guys, I'm hoping to get some color from industry guys who were around during the '08 debacle. Let's say you're a first year at CS and noticing that senior management is starting to go quiet and the mood is a bit... different. Reading stuff online it doesn't seem too good right now for CS and it's...
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