What do Fixed Income analysts due in the Sales & Trading department? Is this similar to Equity Research? Any information on this role would be beneficial, thanks.
Jul 24, 2020
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Are you talking about desk analysts? Or publishing researchers?
Desk Analysts. In addition what should you know for a potential interview?
Yes desk analysts sit on the trading floor and especially for Distressed Debt, they do most of the legwork regarding fundamental research. For SA interviews, probably nothing too technical; just have a general awareness of what the asset classes within FICC have been doing
Bump
What bank are you referring to?
It is not similiar to Equity Research at all. In fact, the analog for that would be Credit Research.
Fixed Income basically encompasses everything outside of equities: bonds, currencies, commodities, structured products, asset-backed products, and credit securitization.
Just like in equities, there are traders (usually specialized by product), salespeople (usually specialized by client type - real money or fast money), and roles for structuring and origination as well.
Typically, fixed income is divided into multiple categories:
Rates (Treasury Debt, Eurodollar Futures, Swaps, Swaptions)
FX(Spot FX, Cross Currency Swaps, FX Options, sometimes EM bonds and structured credit)
IG Credit (Bonds, Bond Portfolios, Credit Indices, CDS, Structured Credit)
HY and Distressed Credit (Bonds, Bond Porfolios, Credit Indices, CDS, Structured Credit)
Muni Securities (Tax-Exempt Bonds)
Commodities
Structured Products
Sometimes there are other specialized desks as well for risk management and client relationships.
Here is a good article explaining what I said in more detail with a very useful chart at the bottom explaining the divisions of desks (and a 2018 trading league table): https://www.wallstreetprep.com/knowledge/sales-and-trading-roles-and-as…</a">Link
What do you think about a career in muni trading at a BB?
How different is Desk Analyst’s comp from a trader?
bump
Depends on the bank. What bank is this for?
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