Hi guys,
Hoping somebody can help. I have an interview coming up next month with a fund that invests in high yield bonds.
There is a case study as part of the interview where you are given some info on a credit they have recently looked at and you need to form a thesis.
Now I am very comfortable with equity and what I would look for there but I don't have credit experience.
What are some of the key things you look for in a credit?
How would you structure a thesis?
The quant side also has me stumped. I understand the need to look at coverage and leverage ratios but how would you go about deciding what part of the capital structure to invest in and back that up quantitatively? For example I could qualitatively talk about why I would invest in senior as opposed to mezz in a company but how could I back that up with numbers?
Thanks guys.
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