Credit trading : distressed vs High Yield?
I’m an incoming sales and trading intern for a Top BB interested in credit trading.
What’s a better trading desk to be on? Distressed or High Yield?
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Distressed is generally more lucrative than HY since it involves more prop risk. Can't really go wrong with either, but I wouldn't want to end up a par/performing HY trader. Certainly plenty of moves between the 2 given its just one end of the performance spectrum vs. the other
They both work closely together since some names move to HY and vice-versa, but I'd say starting on distressed is probably better. Less liquid, which is important because HY is becoming more automated. Also, it's a much more interesting space. Read some of Moyer for distressed & see if you find it interesting.
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