Credit Trading considered quanty?
More technical background trying to see if I should accept this role. Not too keen in the credit space, and wanted to know the true ins and outs. BB
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Portfolio trading/algo and macro credit (CDX, tranches, credit vol) are certainly quanty. CLOs as well but less so. The rest not so much. To add: there is likely still room for a quant skillset even on cash credit desks and this need will only continue to grow
can you elaborate what cash credit is?
They are referring to any desk trading the vanilla bond versus their derivatives. IG, HY, Loans, and Distressed debt are usually considered cash credit desks even though they will often trade single name CDS as well. These are certainly less “quanty” than algo or macro credit, but if you are going to sit on a cash credit desk, none are inherently quanty, but I would say IG has more room for a quant skillset than the other cash desks. HY/Distressed will focus more on credit fundamentals
Thank you for your thorough explanation! I wish I was on a desk learning this stuff man.
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