HY/Distressed Credit desk analyst - modelling case study
Hi all - currently an IB analyst and am currently the to move to a HY/Distressed credit desk analyst role. As part of the process I will need to complete a case study. While I am competent in my modelling skills and understand debt repayment dynamics, i have little experience in the more specific and technical elements of HY/Distressed analysis and as such I am looking to bring myself up to speed.
Do any of you guys have any suggestions for helpful resources (websites, books etc.) on the type of analysis typically carried out or case study examples/ sample models worth taking a look at?
All help greatly appreciated
Wall Street prep leveraged finance guide is a good starting point.
Obviously Moyer is great but very lengthy.
I have interned in a distressed credit hedge fund before. We looked at more DCF bridges and Cap structure tables. The key metrics we looked at were Net Debt/FCF or EBITDA. It's mainly understanding if a company is generating enough cash/ has disposable assets to pay me back as a bondholder. There are many more intricacies like creditor on creditor violence, credit committees, etc.
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