Wondering what the day to day is like for someone working in HY vs IG. Who they talk to what kind of work they do etc. Specifically for someone in credit research at a BB. Any insight is appreciated!
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Not in IB, but for fundamental research roles, the day-to-day looks pretty similar. Both send out earnings notes, participate in lender calls, conduct credit reviews, speak to management teams, etc.
The two major differences I have noticed are that the IG research analysts spend a lot more time talking to economists and macro strategists, which makes sense given that the investment grade market is more technicals-driven (impacted by changes in rates, supply/demand factors, etc.). They also spend less time reviewing legal docs since IG covenants are fairly light.
Curious what do people think about the level of analysis for performing HY at a LO covering 75+ issuers?
1. What would be typical number of issuers that a mid level / senior HY analyst covers at a LO firm?
2. Seems to me that this coverage universe is too large to have a deep view on performance vs. street, and analysis / modeling is likley to be very very high level for most of the coverage universe. Any thoughts?
3. How much analysis will a LO HY fund do on a CCC rated credit before they say "this is too difficult" / "this is not what we do" and sell the bond?
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