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Loan interest paid: cash vs accounting
Hi, I see a lot of assumptions being made in models when modelling cash interest vs accounting interest. For simplicity let's say this is interest being paid out for term loans. What should, in concept, be the actual difference in modelling the two? i.e. if cash interest = op. balance * interest...
European High Yield / LL - London Long Only / CLO comp
Do not see much on European CLO / LO Credit Comp in London, so wanted to share some insights. Currently at a European Credit Strategy of a US Credit Alts Shop with a substantial AUM and many different credit strategies. I have ~8-9 years of experience and cover a number of credits for the performing...
Pls Help - Mock Interviews for Debt Advisory/Lev Fin
Hey Fellow Monkeys, I'm reaching out with an interesting proposal - I would love some mock interviews for Debt Advisory/Lev Fin analyst roles . In exchange, you have the opportunity to tear an analyst a new one with zero risk. My background; top grade at UK semi-target, work in credit research for a...
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…
What is frustrating about Leveraged Loans?
Hi chimps - I'm currently doing a research project and trying to get smart about the leveraged loans space. I don't work in that market on a daily basis, but my understanding is that it's quite "dinosaur" esq from speaking to some leverage loan traders, investors, ops people, etc. If you work in...
Credit investment sample model / writeup
Hi - anyone have a sample writeup of a credit-focused investment? Can be distressed or regular-way HY, just trying to get a sense of the approaches that people take with respect to modeling. Usually I see shortened models including revenue / EBITDA / FCF and a waterfall for recoveries, but curious...
Leveraged Loans vs. High-yield Bonds?
Is there any career implications for covering Leveraged Loans or High-yield Bonds, in terms of early career learning and the work experience later in your career? Given the majority of loans are managed at smaller CLO shops vs. bonds more traditional LO, is there any implications there? If you had...
WTF is the point of low amort structures in DL/PC/lev lending?
Why not just do interest only? Can someone explain to me the purpose/history or regulatory background of low amortization deals? Explain it to me like I am an idiot (which I am). 1% of even 2.5% per annum is not materially reducing the commitment and credit risk…so I simply don’t understand why...
Articles / opinions on LBO financing
Hello all, I am writing a thesis on LBO financing and its evolution - trying to understand how it evolved in the last 1-2 decades and how it is likely to be impacted by the current environment of rising interest rates and inflation. I have been using a lot a report from S&P on leveraged loans and I...
HY outlook & recovery?
What are people's thoughts on the recovery path for the HY and LL markets (2021-2023). Are there still pockets of value? Keeping the question broad but would love to hear from those in the opportunistic credit space
Leveraged loan investing?
I’m curious, how is the work at the junior level different in leveraged loan investing (buy side) vs levfin (sell side)? Are you still directly involved in the transaction process on the buyside? And finally, what would some exit opps be from doing lev loan investing at a relatively no name fund (
HY Bonds vs. Leveraged Loans
Just curious about the implications of both career-wise. Which is seen as more lucrative or is there not much of a difference?
Leveraged Loans Secondary Market
Hi Does anyone have experience buyer or selling leveraged / syndicated loans on the secondary market? I have some questions on how they are facilitated (through trade desk versus broker). Thanks!
Credit Suisse Credit Investments Group?
Does anyone know anything about the credit investments group at Credit Suisse? Recently applied to FT after they reposted it not too long ago, but can't find the application now. Seems like a lot of the investments team is from top tier Lev Fin programs like BAML and a few lateraling within CS, a...
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Syndicate Execution (MO) Role to CLO Trading, Worth The Hop?
WSO fam - I've been working in a middle office operational role for the past ~1.75 years at a Top Tier BB for the LevFin Capital Markets/Syndicate group. I specialize in loans and have been awarded with great transaction experience, connections within our market making/sales/syndicate groups, and...
Debt Fund/Direct Lending Recruiting
Hi all! I was curious to learn more about the debt fund or direct lending recruitment process, if it's on the same timeline as PE , and what to expect in the process. Currently, I'm at a BB group that specializes in underwriting leveraged loans (mostly sponsor deals, acquisition financing, and...
Leveraged Loans (Primary, Secondary markets) and Bond trading/asset management
Hi all, Hopefully you can share some knowledge with the community. Looking for some guidance that will help me progress in my career and move in to trading leveraged loans and other fixed income products. I supported the par and distressed trading desks at a BB for a few years (but I was at a...
Bank Debt/Leveraged Loan Investing
Hi I'm interviewing with a CLO loan shop with a BDC out in New York and was wondering what the career progression is and if there is flexibility in this type of product. I know that distressed funds tend to recruit people from high yields and sell side leveraged finance. I'm just wondering if...
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Webinar Live! - Leveraged Loans Overview and Discussion
Tonight, February 25th, at 8:00pm ET, Wall Street Mentors will be hosting a webinar focused on leveraged loans, a key component of private equity financing. The webinar will be hosted by WSO mentor Joe, an industry veteran with experience in private equity coverage, leveraged finance, and investing....
Credit funds - Leveraged loan market
Just wondering if anyone can give me info on the following: What is the general European leveraged loan market like? There have been several regulations after the crisis like Basel III etc. how have these regulations affected the leveraged loan market in Europe? Thanks!
Investing in Bank Debt
Can anyone explain how hedge funds that invest in bank debt earn outsized returns? With the informational asymmetry that exists between these hedge funds and the originating lenders, as well as the former's inability to leverage returns by funding off low cost deposits, I cannot see how the funds...
Leveraged Loan Yield Calculation
I was hoping someone could help me figure out how to calculate the yield of a loan with a less than 4 year average life. I'm trying to build out a formula in excel that will calcualte the yield from a database. It's basically back of the envelope, but what I have so far is the spread + LIBOR floor...
Are leveraged loans critical to PE?
what does the leverage loan market have that HY doesn't?
The "Going Balls Long" Debate
As this is often debated on the trading floor - why not do an open forum on WSO as well... Submit your antonym to the phrase, "balls long."
Leveraged Loans (Bank Loans)
Hi all, I have an interview within the bank loans group at an asset manager next week. I know the term structures are mostly set at floating rates and are extended to corporations that are non investment grade. Im curiouse as to the due dilligence process that goes into pricing these rates. Do they...
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