Hi guys, have an upcoming interview with a MM private / structured credit fund that originates and invests in a wide range of credit securities - senior secured, asset-backed, mezz/pref, NPL pools, "specialty loans," etc. A member of the team informed me that i would be asked to "evaluate & price a wide range of loan types" and be quizzed about q wide range of industries but wouldn't elaborate further. Very open-ended. Anyone know of a good resource/primer to prepare--other than reading a fabozzi type text, which i don't have time for? Don't know where to begin, as i currently work in a completely different field. Any help would be greatly appreciated!
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Fitch's Leveraged Loan Primer, you can skip most of the chapters in Fabozzi but he does a good job on some of the more complex structures (CDO/CLO). Citi CDS Primer, Morgan Stanley Credit Derivatives Insights.
thanks for this. any advice on learning a lot quickly about different industries?
You can't really do that; but what you can do is think logically about what loan or industry you've been presented with, and work backwards.
If you're lending to a middle-man retailer (e.g. O'Riley Auto Parts), they are likely not to be capex-intensive, but are probably subject to cyclical pressures around the auto industry (less new cars on the road = more people buying parts).
If you're lending to a commodity producer with a long-dated perspective (e.g. a cotton producer), you will have to make some future prediction on cotton prices and what can/cannot be hedged; as well as the intial capex to plant the crop and no cash flows while it grows.
Payday lender? - probably need a provision for litigation expense. You get the idea.
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