Mar 21, 2022

Securitization / Structured Finance / Structured Credit - let’s connect!

Work in this space (ABS) and see myself doing it forever. Would love to build a personal network with structurers & bankers in ABS/RMBS/CMBS.Comment below please!

59 Comments
 

Pretty consistent with the standard IB process (although your interview may be less technicals focused). Also really depends on where the group you're applying to sits (some fall under CB, others IBD on the markets side). DM if you have more questions.

 

Internship process is the main feeder. 90% of everyone I know on the trading floor has made it in through the internship. The only people I know who have not gone through this process are senior people who have been at the firm 20+ years where it was less common back then.

DefaultUser1
 

Keen to connect, based in South Africa as a Structured Finance Analyst for Ratings, cover RMBS, ABS, CLN's as well as Trade Receivables and Agri Loans

 

Just wondering but how are structured finance groups at a credit rating agency perceived within this space?

Is it easy to go from structured finance at a credit rating agency to structured groups at banks. 

Have an interview with a big 3 ratings agency so seeing if worth to do it.

 
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I did this too, but it is definitely not an easy backdoor. I think it also depends which agency you work at. For most asset classes, I think Kroll will give you the best exits. They use intex, build cash-flows, and rate all sorts of crazy stuff. One thing is for certain, hours at many SFG groups at rating agencies are bad. Pray you have some sort of work-life balance. I can comment on Moody's, where work life balance is piss poor at SFG. Lately, there's been a lot of turnover at Moody's SFG groups, not too many smart people are left to learn from, and everything is starting to get automated, which means you have few transferable skills. If you're interviewing at Moody's, CLO should be number 1 (they actually have a training program and really experienced people, + transferable skills), 2 esoterics because it's mostly filled with smart people and you get to see weird asset classes but you don't become a master of them and your skillset is limited (By that I mean using a model to calculate something vs a banker that creates cash-flows from scratch.)

 

Rotating into the securitisation as a structurer from a non securitisation role so was wondering if any of the structurers had any material/ sites where I can learn more about pricing and modelling I can learn about.

Tried to search about pricing securitised products but couldn't find anything.

Any help on good books/sites on learning models/pricing equations etc that is related for a structurer would be appreciated!

 

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