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They really don't expect anything too technical during SA interviews.
Be aware of the general credit markets, and just how bad things are for certain issuers. (2-3 year market is very very quiet)
Know the basic products (Fixed, Floaters, Preferreds, Hybrid) etc. Be aware of how treasuries have moved (look at the 2yr-10yr curve), how LIBOR has moved (away from treasuries, the TED spread measures this difference). Know your basic bond math, and terms like duration. Know that CDS has blown out (IG-9 5yr is around 188 bps)
Be aware that there is an FOMC meeting on the 18th, and have a view of where the Fed will go. (50 or 75 bps cut are the generally accepted views, but there are no right or wrong answer as long as you can defend it).
A Capital Markets analyst (DCM, ECM)'s role is different than a coverage or a lev fin analyst. Key strenghts involve being able to synthisize information for market updates, and keeping up to date with the syndicate desk.
Also, the majority of the issuers are financials or "captive finance" compaines (general electric capital corp, american honda, toyota, john deer capital corp, big coproations which basically have a bank/finance unit)
Good luck!
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