I am not familiar with their rotational program, but their fixed income investment groups are strong. They have a good reputation in the private FI space. If you are just starting out comp is likely 80k-ish and exit ops are bschool or PE. People from these groups place well into both MBA programs and PE firms due to the transactional nature of some of the groups. If you are doing trading and risk management, obviously this changes things.

 

Hey, thanks for the replies so far. It is for a full time position, and going back for a final interview. Also wondering if anyone else knows anything about starting salary and exit ops.

 
FunkMonkey12:
Hey, thanks for the replies so far. It is for a full time position, and going back for a final interview. Also wondering if anyone else knows anything about starting salary and exit ops.
If you don't mind me asking did you just hear back recently since your OP/first interview and when is your final interview? A friend of mine had the first round but hasn't heard back yet, was told they would be bringing 5-7 back for final round within a few weeks?

Thanks in advance

 

what did you say for the credit metrics answer?

credit research usually works like this: company a is similar to company b fundamentally, and the market isn't reflecting that, lets buy one.

you may be interested in learning about covenants and other structures, yield curves, credit spreads, Free cash flow vs. ebitda and how to adjust them, why capital structure is important, hidden debt (leases, pensions), incorporating illiqudity risk

 

Expect to interview with four analysts: the Head of CR, the Head of the group the position is in (HY/HG/EM), and 2 senior analysts. The Head of the group will ask you about duration, eg. which bond would you prefer to own, a 30 yr TSY or a 10 yr BBB corporate. The senior analysts will as you things more along the line of "so 2 companies we cover announce plans over the weekend that they're going to merge. You're first in Monday morning. What info would you gather for me to help make an investment decision?" They'll also talk to you about financials eg. why FCX has a better S&P rating than General Mills, even though General Mills is in a more stable industry. At least that's what I got.

 

these guys underwrite private loans, sometimes internationally. expect a lot of behavioral questions in the first round, and possibly to pitch a company. remember to pitch the bonds, not equity. they likely will not expect you to be a fixed income pro, but you should know how fixed income investing is different than equity investing and what risks are important to most industries and companies. it's a good position with good exit opps, but more competitive as well. if you get to the second round, expect to see a lot of the questions that PD outlined above. if you can nail the rationale behind answering those questions, you will do okay!

 

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