Best group on the sell side to switch into distressed debt space
it's all in the titles fellow primates. I will be applying for summers in the UK and hope to get into the high yield investing space. be it in debt or PE with distressed/special sits. think the stuff Milken did at Drexel or what they do at Apollo today. I suspect it would be Lev Fin but it would be nice to have your educated opinions as i am troubled when i see some guys on the market side in groups titled "HIGH YIELD CREDIT DESK". kinda sounds like i got into the wrong side of the bank ?
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Sure, but there is no such thing at the BBs. thus what's the next best thing ?
So don't work at a bulge bracket? Honestly the obsession with BB banks here is ridiculous. If you're recruiting for distressed exits would you rather be kid number 3 or 4 from a great restructuring group or kid number 42 from a bulge bracket?
Not to mention that if you're really that interested in high yield securities you would really enjoy the experience analyzing them in a restructuring group. But no, everyone here is actually more interested in flashing around their bulges than whatever they say they're interested in.
no dude, of course PJT > MOELIS > HL are first on my list but what if i can't get them ? i'm applying everywhere and need to find out what group is most relevant to distressed/spe.sits at a BB. and yes i am into high yield/distressed stuff. have been learning a lot about this market, big actors such as the late DBL; Milken institute. G.Moyers' book...
CS LFOR (the LevFin / RX group) is not bad and might be hiring. I worked with them a few times and they seem pretty sharp
Once you get into niche areas like this you kind of need to think beyond the Bulge Bracket or bust mentality.
There are a LOT of banks that cover those niches. You want to know who is one of the est expert in defense companies for example? It's a tiny little firm that staffs its team mostly with vets who know the business model and the process first hand.
I have also run into a small sized TMT shop that are experts in communications infrastructure, an EB that is the best at nutrition, a MM shop that does a lot of grocery store, and micro-boutiques with extremely strong FIG and Restructuring processes respectively(to the point that they usually get a few juniors poached by GS/JPM every year).
Name brand is extremely helpful if you are trying to go for certain exit opportunities, but those aren't the ones you are going for. Focus on deal flow over all else.
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