Best Securitized Products/Structured Credit Trading Desks on Wall St.
Trying to get into securitized products/structured credit trading internship program. Which BB's in NYC have the best trading desks in the space? (ABS, CMBS, RMBS, CLO).
I heard CS is strong, and have read that GS, JPM, MS, and Barclays are strong too. Which banks in this specific space have the strongest reputation/exits to HF's?
Thanks
Bump
DB is good at securitization, not sure if that translates to trading though.
From what I have heard stay away from CS but GS, JPM, Barc can’t go wrong
Thanks. Do you know if they each place well into the credit HF's?
DB is stronger in structured credit trading, than they are in securitization.
JPM has the best desk on the street for MBS but their ABS desk is pretty small
That true for origination or trading, or both?
Structured Finance Banking overall JPM>CS/C>BaML and the rest.
Structured Credit trading, JPM/DB>CS/BNP/GS>C/BaML
This is primarily on how their street perception is overall not by asset class. If you’re on any of these desks in either an origination or trading (and syndication to an extent) capacity, you’ll be a strong candidate to the GoldenTrees and Marathons around that dominate certain areas in these spaces.
Thanks. What about Barclays? RBC or HSBC?
My post was cramped in, app sucks. But Barclays is also very strong, you could put them in the same bucket as BaML for their origination. If you’re talking internationally or structured finance ex-North America, Barclays is probably be in the top 3 for origination and maybe top 5 for trading. HSBC and RBC not so much in origination or trading.
The best way to look at this if to look up the league tables on Bloomberg. If a firm banks it/underwrites deals they generally trade it, the largest balance sheet banks tend to do most of the banking as to get bond deal mandates you need to provide warehouse financing and repo to the issuers but you do see certain banks that you would do not think of as "major banks" who are ranked higher than you would expect in certain spaces. If you are at a firm that is in the top 10 for each of these asset classes that is generally a sign that you are at a solid franchise.
What’s your view on warehouse financing or repo desks as potential desks to start out?
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