Do fixed income investment analysts write lots of research or can they perform due diligence on their own and underwrite?
Are there credit committees that shut down deals they don't like? Will the job get repetitive after awhile? Trying to get a sense of the role and how an average day-to-day looks.
Thanks!
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Depends on the fund and strategy. Assuming you're talking about public FI?My fund (public high yield) has a pretty informal research process that depends on how the analyst's process works and culminates in a write up that we go through with our PM. Time varies depending on how familiar you are with the sector/subsector but can occasionally be pretty quick turnaround if we need to form an opinion on a new name that's coming to market soon. We go deeper than a lot of shops from what I understand (this is my first fund) since we invest in pretty junky stuff so need to make sure we don't get blown up on the downside. There is no credit committee, and the PM makes the final call on investment decision, but more senior analysts tend to have a bit more sway I.e. If they have conviction, he'll be more apt to go or long/short. We also monitor names and do regular write ups of earnings/management calls/etc to keep informed on our coverage.
Also worth noting we have sector coverage so generally are confined to that, but most people expand coverage over time as they get more senior.
How many companies do analysts cover at your firm? I have heard of some places where you could be covering 100+ names across high yield / loans / investment grade potentially. Seems like maybe 50 is on the low end?
Formality (and frequency of sending write ups to PMs) varies fund to fund as well. Generally speaking, at larger credit funds analysts will likely have to publish / write more frequently than at a smaller place where you might be sitting across from the only PM but I'm sure there are exceptions.
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