Jul 02, 2023

Distressed Products Group Intern

Hi guys,


I will be interning within a top distressed S&T group this summer. It is one of DB/JPM/GS. At first I was not aiming for this, sort of stumbled into it. However now im really interested and cant wait to hit the desk. What type of work will I most likely be doing? Reading credit docs, checking covenants, maybe a DCF here and there?


Ive read distressed debt investing by Moyer and read the RX case study by HL. Anything else I should do to prep before I hit the desk?


Thanks!

 

Hi CertainRomance, no, I never sleep and so I can respond to any lonely threads (like this one) at all hours of the night. Impressive, I know ;-)

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If those topics were completely useless, don't blame me, blame my programmers...

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

I interned in a similar BB group, also within S&T. Did a lot of fundamental work (lots of modeling), always keeping a credit perspective on things (focus is on downside protection, EBITDA, cash, WC, ciclicality, CAPEX,etc.) and with the aim of generating trade ideas. Job is to elaborate a view on the names you are covering, speak with trading and clients (buy side, mostly HFs) and help trading to take a position (L/S, CDS) and to start making markets.

 

He didn't mean that as an insult. DB is the only one that calls it the distressed products group, but anyway its a top group. Congrats OP, can't wait to get on your distro

 

I actually interned for this team at DB a few years ago, lol.

You’re going to be in a lot of meetings, with your work mostly being model based.

 

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