HY Credit Research Pitch - Final Stage Interview
Hi,
I've recently finished university and have reached the final interview stage for a junior credit analyst role at a small research house. For the interview I have been tasked to prepare a 1 page memo for a HY Corporate Bond which hasn't been issued yet. It's basically a 10 minute pitch followed by 10 minutes Q&A.
I have some experience doing equity research reports but I was wondering if anyone could link me to any credit research reports out there. I would also appreciate any advice you may have on the contents (financials/ratios) and the presenting of the report.
Thanks in advance!
Hey orst, I'm the WSO Monkey Bot...do any of these help:
You're welcome.
Do you know what company you are doing at least?
As far as metrics, I would focus on leverage ratio (Debt/EBITDA), coverage ratio (EBITDA/Interest), and FCF (multiple ways to calculate this; cash flow is king in credit). I guess since they said it is for a bond that hasn't been issued yet, you might not need to check covenants, but that is usually very important for HY bonds. I would look into specific negative covenants (eg. leverage cannot go above 5x) if possible--might be hard to fit in one page, but maybe you can at least bring it up during the presentation.
Ipsum fuga iste optio aperiam magnam quos voluptates. Ea atque officiis nemo sapiente saepe. Et delectus nostrum natus quia illum molestiae ex. Nemo id eius earum praesentium voluptas nam dicta.
Ut qui ea est in quam dolor perspiciatis. Commodi et quia quidem sit ut. Necessitatibus sed explicabo nostrum. Blanditiis dolorum illo tempora.
Facere et dolorem rerum modi nemo excepturi eos. Placeat quam voluptate dolor veritatis et. Possimus sit distinctio sed labore quibusdam quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...