Restructuring vs Credit Research for DD HF
Which of the two best prepares you for a career in distressed debt investing at a hedge fund? I'm aware both backgrounds usually end up in DD HFs but if you had a choice between the two coming out of college, which would you prefer?
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Do you mean sell side HY credit research? Restructuring advisory would be better. If you mean as a desk analyst supporting a bank’s distressed trading desk, that’s a good option as well, and probably more interesting than restructuring since you’re also investing your company’s balance sheet.
Restructuring - you don't get active chapter 11 or out of court negotiating experience being a desk analyst or SS credit research analyst (or very, very little). There's no question about that.
Read any sellside credit research for distressed credits - they can't tell their head from their ass when it comes to distress.
What function do you use to pull that off the terminal (if even possible)? ANR? Tried using it on a JCPenney TLB and didn't have any luck.
To get sellside research? BRC for the equity ticker once you're entitled for each bank.
if you mean finding specific credit research instead of equity - you need to filter for the author who you know is a credit analyst
gotcha. mixed up ANR/BRC. and the reports are usually low-quality, you say? interesting, I always found the equity reports pretty thorough.
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