I would greatly appreciate insight as to what I should study for this? I am anticipating speaking with this group at a bank. I have a basic understanding of bonds and credit ratings (studying finance), but I would appreciate insight from anybody that is currently in a debt capital market group. Thanks!
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don't overweight credit considerations in your technical answers. overweight prevailing mkt conditions.
Are you in a DCM group? Any more you could give me? Market conditions are easy for me as I manage a personal portfolio and actively follow the market.
DCM group largely is focused on Investment grade issuances, not leverage finance deals. You should know this already, I assume.
Regarding market conditions, you should understand credit market conditions, which will vary from your understanding from managing a stock portfolio (touches upon equity market).
For example, I would understand the spread between investment grade bonds vs. 10yr treasury yields. Draw a conclusion as to whether they are tightening or widening over time. Be familiar with commercial paper as well, as many IG issuers tap into this as well.
I would also study ratings, and get more educated about a specific capital structure of an investment grade company. Sometimes corporate borrower will have a corporate rating of BBB; but will have TL B rated BBB- and Unsecured Notes notched even lower. Certain sectors will also have a greater concentration of IG-rated debt, such as asset intensive businesses such as O&G companies (think Chevron, Exxon, Industrial names, etc.), which will support greater bank debt capacity. You typically see unsecured debt on most IG borrowers, as they don't require the need to pledge assets to get access to debt financing.
Be familiar with these concepts. Hope this is a good start for you.
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