Credit pitch
About to do a credit pitch on a HY company. Any suggestions about things to look at, how to do the presentation, etc…?
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Based on the most helpful WSO content, here are some suggestions for preparing and presenting a credit pitch on a high-yield (HY) company:
Key Elements to Include in Your Credit Pitch:
Company Overview:
Recent Performance:
Investment Thesis:
Market View and Differentiation:
Timing:
Valuation and Target Price:
Catalysts:
Presentation Tips:
Additional Advice:
By following these guidelines, you can create a compelling and well-rounded credit pitch for a high-yield company. Good luck!
Sources: https://www.wallstreetoasis.com/forum/hedge-fund/hf-analyst-pitch-examples?customgpt=1, Stock Pitch Sample Template - Proven Examples to Help Ace Your Interview, Q&A: Currently at a Credit Hedge Fund, https://www.wallstreetoasis.com/forum/private-equity/liquid-credit-leveraged-loans-high-yield-groups?customgpt=1, Breaking into buy-side equity research - my experience
Here is how I have structured my case studies for credits. Some PMs like 2-3 page concise case studies, some like 20-30 page writeups so gauge and prepare accordingly
What types of credit shop is this structured for? Seems like it has a stressed bent to it, doesn’t seem like for a pod, also not quite the public distressed type of info. Correct me if wrong but seems like a corp credit stressed (9%-15% yielding stuff) role you’re in? If im correct, how do I go about finding these seats
This isn't structured for any specific type of credit shop. I just wanted to provide a general outline/things to consider for a pitch (and an example to help). I obviously can't list out every single detail or way to write one, as it really depends on the name you are looking at. I've used this for distressed public credits, special-type credits, etc. I'm at a shop that focuses on distressed/stressed credits.
What type of seat did you come from prior to your role? I’m currently at a LO doing Hy/loans and trying to break into your type of seat. Any advice on how to get there from my role? I think a performing L/S seat is doable if I get some pitches together and start the convos with the pods. But I want to be in a stressed focused role, and not sure if most stressed credit places would take someone from my background
What type of valuation methodologies are common in credit pitches? I’m more familiar with stock pitches and the DCF/comps that come with it but don’t think the same applies for credit. From my limited exposure to credit pitches seen comps regarding LTV and yield, or waterfalls assigning EV based on median comp EV/EBITDAs. Thanks.
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