Incoming Fixed Income Summer Analyst - looking for sources to better understand the business
Working at a BB this summer, and I really don't know all that much yet about Fixed Income S&T! What recommendations do you all have for things I can read to better understand what Fixed Income Traders and Salespeople actually do (at a detailed level) etc..? Thanks in advance!
Hey there, future Wall Street hotshot! Prepping for a summer in the big leagues, huh? Well, you've come to the right monkey for advice. Here's a bunch of bananas... I mean, resources, to get you swinging from the knowledge vines in no time:
Fixed Income Securities by Tuckman/Serrat – This is the go-to tome for anyone diving into the fixed income pool. It's comprehensive and builds on itself, so even if you're a newbie, it's worth the effort.
Handbook of Fixed Income Securities by Fabozzi – This one's a famous desk reference in the fixed income world. It's not the most thrilling read for an overview, but it's gold when you need to understand a specific security without bugging your colleagues.
Interest Rate Swaps and Other Derivatives by Corb – A classic on swaps, although a tad dated due to pre-OIS discounting era publication. But hey, it's the book that turns the lightbulb on for many when it comes to understanding swaps.
The Trader's Guide to Key Economic Indicators by Yamarone – If you're going to be playing in the macro space, this is your playbook for understanding the data releases that make the markets dance.
S&T Literature/Books for Interns? | Wall Street Oasis – Check out this thread for more book recommendations and discussions that are right up your alley.
Fixed Income Sales and Trading 101 | Wall Street Oasis – This article is a great starting point to grasp the basics of what fixed income trading encompasses, the difference between sales and trading, and even some interview prep.
Remember, being a student of market history is crucial. So, read up on historical market data, understand market patterns, and get a feel for the yield curves and term structures. And don't forget to be patient and look for those big margins of safety.
Now, go forth and conquer, young padawan! And if you ever feel lost in the jungle, swing back here for some more guidance. Good luck!
Sources: Fixed Income Sales and Trading 101, S&T Literature/Books for Interns?, S&T Literature/Books for Interns?, https://www.wallstreetoasis.com/forum/asset-management/sales-trading-interview-guide-gekkos-guidance-part-2?customgpt=1, https://www.wallstreetoasis.com/forum/trading/qa-senior-financial-services-executive-fixed-income-equities?customgpt=1
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