Credit Sales at BB (Summer Analyst)
Hey everyone, as the title says, I'm going for an upcoming sales summer analyst role at a BB next summer at their Credit desk. I've bounced around the forum a little bit and have seen some relevant literature (Fabozzi's Bond Market book, Annette Thau's Bond Book) that has been used as prep material.
From my understanding, are credit desks typically focused more on bonds (investment grade, HY, distressed) and CLOs? The fixed income umbrella is pretty huge, so I wanted to seek advice from anyone who could give me a better handle on this. I don't come from a business background (programming/STEM degree), so it would be great to hear any advice or information on what kind of knowledge would be good to accumulate beforehand. '
Any information on what credit salespeople do is also greatly appreciated!
I interned at a BB on their Credit Sales desk last summer.
As far as preparation goes, have a basic idea of how to analyze credit (e.g. metrics, catalysts, risks), basic terminology and keep yourself updated on credit-related news. personally i didnt find reading fabozzi useful but if ur starting from scratch it could be a good read. If you can find credit pitches/research online then would be even better - get a grasp of how people go about analyzing and pitching bonds. One thing that really helped me was picking 1-2 sectors and try to understand it a bit more (e.g. who are the biggest issuers, what industry-specific metrics are used, etc). Having an idea of where macro is heading also helps
In terms of product coverage it depends on how your BB is set up. some banks have a specialist sales model where they have dedicated salespeople only covering one subset of credit while some banks run a more generalist model where the sales desk covers everything credit related. I don't have a very good grasp at this as the BB I was at ran a specialist model and my desk only covers flow products (IG/HY/distressed)
the job: primary market (DCM) distribution, showing axes/selling flow, managing relationships etc. Keeping this short since I don't start FT until another couple months LOL
hope this helps
Thanks for the help! I was curious as to why you didn't find Fabozzi's books helpful and if you could offer alternative resources. Credit is such a huge market, so it sounds like it would be better if I could get a handle of at least what I'm covering.
partially because i did a fixed income internship beforehand, so had a rudimentary understanding of basic terminology/concepts (e.g. curve/duration/ratings etc). partly was also bc IMO Fabozzi focuses a lot on interest rate fundamentals - which ofc are super important - but not exactly directly applicable to credit S&T. the credit analysis/risks chapters are helpful but i learned more from reading industry material e.g. OCs, pitches, listening to calls, shadowing, etc hence why I said most of the learning comes on the job.
alt sources - primers on topics e.g. HY, CDS, leveraged loans, can google them online. if ur interested in distressed can skim through Distressed Debt Analysis by Moyer
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