Credit Sales

For distressed/HY Latam, it's a different beast than US HY/Distressed. Spreads can still be very wide on bond runs as there sometimes are only a few traders making markets in a certain bond. Knowing either portuguese or spanish will take you far as most of your clients will speak one of the two, and some will prefer it.

Since most (not all) business in Latam is commodity-heavy, strong businesses with heavy debt loads can become distressed in one-two years when their product falls into a poor cycle, or the market as a whole panics (like when Dilma was impeached). There is a lot of sharp money lying around (Tarpon, Ouro Preto, Patria), and US funds like Carlyle, Apollo are also active in the region. They are well aware of loan-to-own and will sometimes purchase distressed with the intent of coming out as owners in the RX.

EM sales can be rewarding as it has been slow to adopt some of the overall industry trends (thinning spreads, computerized execution), but it is a somewhat small network where it's difficult to drum up new business. Joining a bank with good primary issuance (Santander, Itau) is a good idea if you want to make a career out of it.