So long story short i am revising for CFA and incredibly bored. Utilised this forum a lot over the years especially pre-job so maybe this can help a few people a long the way.
Started in the back office, doing the worst job you can imagine, networked internally hard with the credit research desk, got a buyside research job offer, told the desk and they found me a spot instead, moved onto the trading side 6months ago.
IG HY LL/distressed or everything? How long were you in BO? At your shop where do you hire most of your analysts from (IBD, S&T, other buyside etc). Thanks
On an IG desk but I cover a sector vertically so my space includes stuff from AA rated senior debt to HY subs and semi-distressed names.
In BO for just under a year.
The vast majority of analysts are direct recruits through campus recruiting. That being said my desk ain't hiring anyone at the moment analysts included. Have seen young guys come over from buyside in the past but never seen a transition from IBD.
What's your take on the IG market at current levels? Nice bounce back, especially in energy from the Feb lows.
Also, thoughts on the ECB corp QE program?
Yep, feels at bit toppy here to me, everyone is just waiting for the next sell-off, pockets of value still exist but it's tricky.
Ah the cspp, as an economic growth stimulator worse than useless. Does mr Draghi think because Siemens can fund 20bps cheaper they're suddenly gonna stop buying back shares and start building factory's? From a trading point of view it makes things very tricky, spreads at these levels in Europe are gonna have to correct its just a question of when, let's not forget this is a technical not fundamental factor and won't be here forever
why credit over other securities? a lot of banks had dreadful numbers
Didn't really chose just kind of fell into it really.
In any case I think credit ( and ficc) in general is the last place you really have freedom as a trader to generate p/l whether that be through taking a view on a name, a security, pairs trades, basis trades, rates views etc etc. From what I know equities is much more restrictive in addition you also have the added capital layers, different covenants which make debt more interesting imo. This may be a very biased view however......
Numbers have been dreadful thats true and I can tell you from personal experience it's very fuxxing difficult at the moment. However these things move in cycles and I have little doubt that credit will bounce back ( baring 0% rates forever)
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