Best Credit Trading Desks in London
Hey all, interested in credit trading (specifically high yield and distressed). Which banks in London have the best teams for this?
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Based on the most helpful WSO content, here are some insights into the best credit trading desks in London, particularly for high yield (HY) and distressed credit:
Barclays: Known for being strong in distressed and high-yield credit. They have a legacy of Lehman traders, which adds to their expertise in this space.
J.P. Morgan (JPM): A well-rounded shop with a strong presence in investment-grade (IG) and high-yield credit. They also excel in structured credit and have the largest balance sheet globally, which supports their credit trading operations.
Bank of America Merrill Lynch (BAML): Recognized for being strong in the credit space, including high-yield credit. They also have a solid reputation in structured credit.
Deutsche Bank (DB): A solid IG and HY credit shop with a strong rates desk. They have been actively adding traders, showing commitment to their S&T arm.
Goldman Sachs (GS): Highly regarded in the high-yield and investment-grade credit space. They are strong across various trading desks, including credit.
Morgan Stanley (MS): While not as dominant as some others, they maintain a good presence in the high-yield and investment-grade credit businesses.
These banks are considered top players in London for credit trading, particularly in high-yield and distressed credit. If you're looking to break into this space, targeting these institutions would be a strong move.
bump
DB is number 1 after the former CS team went there. They are the clear number 1 by a mile. JP and GS are big flow houses. MS is a mess, BAML is okay, Citi a bit of a mess, Barc is decent, BNP should be strong but keep losing money so a bit of a mess. The other European banks are way behind. UBS is a joke, Natwest doesn't pay, ING a joke that doesn't pay. Soc Gen not really a player but that may change with new IB head. Santander making moves but too early to tell if they are serious.
You seem to know the London market quite well, what is your take on rates/macro desks across the street?
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