Equity linked converts group info
Will be an intern in ECM under this group. I have no knowledge and can’t find many learning resources online on how to prepare for the work. I would appreciate any leads!
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A lot of it is not really academic and you'll learn on the desk. Your best bet is to just follow and start go get a feel for the markets - keep track of issuance volumes, pricing etc. Valuable intel is knowing who is buying and/or trading these things and you'll start to see patterns.
Learn basic fixed income / convert math till they're intuitive, it's not hard.
If you really want to deep dive, go through a few offering docs and power through the legalese. You'll start to get a feel for what's "market", things like antidilution adjustments, mandatory/early conversions type stuff. There are formulas that adjust conversion price on certain triggers, things of that sort. A lot of it will go over your head but that's ok because you're not expected to know this shit from the get go.
Some of the technicals you'll learn on the desk (credit ratings/spreads, pricing etc.), some of it you can get a head start on but aren't really expected to know from the get go, e.g., math around being delta neutral and availability of borrow.
Really insightful. Honestly besides basic convert/fixed income math I don’t know about anything else you mentioned in your response. Any specific basic books/articles you recommend to get started?
Try and find an offering doc for a convert issue and slog through the terms. It'll be very slow going, you'll have to stop and google a lot of shit but you'll understand what convert structures look like beyond conversion price, coupon etc.
Articles and books will give you some fundamentals and academic views, but really not the nuts and bolts type shit that structuring/selling converts entail.
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