Structured Products Banking

I received an offer from a MM as a Structured Products Banking Analyst in NY. The group sits on the DCM floor instead of the traditional IB and after a year or so would have the offer to either stay in banking or lateral to trading structured products (Agency CMBS, RMBS, ETC.) The banking team does MBS, ABS, and Esoterics.  Obviously, there's not the 2-3 year and out path as with a traditional IB but I was curious what the exit ops would be from both desks and which might provide more flexibility. Saw some PE shops like Apollo placing an emphasis on Structured Credit and know some funds dedicated to such as well. Would appreciate any opinions or insight. 

 

As a coverage analyst (FIG) I personally find the deals we do that veer into the realm of securitization and structured financing to be the most interesting. If you find yourself caring more about securities than companies, why not go for it? And based on observation, structured credit is definitely just going to keep growing, even though it’s already a very large asset class / high volume capital markets activity.

Of course if you just want to be like everyone else and do industrials M&A and then work in MM PE, it’s a very different field.

 

I worked on the ABS Banking Desk (Commercial/Consumer/Esoteric) for ~2 years and had a really great time. The hours are fantastic compared to most other groups and I was super interested in the work I was doing. There's definitely a different pool of exit opps which I knew going in based on significantly less/different modeling and day-to-day work, but I ended up with a ton of options across tech/credit/etc. I think it really boils down to what you're interested in and if you're super set on doing PE/etc afterwards because it'll be harder without the same modeling experience as most other bankers. Let me know if you have any more specific questions.  

 

I've seen exits to MF Structured Finance groups (i.e. Apollo, Bx, and Ares are the strongest in the space, Sixth Street also has a group). There's also other funds that have structured credit strategies like Angelo Gordon, Castlelake, etc. Finally there's a bunch of structured credit hedge funds as well.

 

hey sorry for reviving an old post, but i just wanted to ask - are these groups within the Real Estate Credit divisions of these firms (BREDS, Ares Real Estate Credit), or a different division entirely? can’t seem to find much

 

For Blackstone at least, all real estate structured credit falls within RE (BREDS), all non-real estate structured credit falls within Credit (ABF).

 

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