Investment Grade New Issue Trading

Hello everyone,

I was recently told I would be teaming up with one of my PMs to start to learn the process of flipping IG new issues. Does anyone have a good amount of experience doing this and would like to connect with me? Are there any specific learning materials anyone can point me to?

Thanks!

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Comments (4)

  • Research Analyst in AM - Other
Oct 5, 2020 - 5:59pm

So if you are focusing on flipping new deals, the focus will likely be less on credit quality / fundamental research and more on looking at relative value for the new deal vs. the issuers' existing bonds and comparable credits. Not sure that it is something that you can do much to prep besides getting familiar with relative value functions on Bloomberg / understanding relative value within credit (for IG credit it will be mostly spread with maybe some focus on dollar price vs. HY where you need to worry about calls, yield, dollar price more frequently, etc.). Happy to answer more q's

Oct 7, 2020 - 6:46am

I was actually told about this idea Monday night with a plan to implement it after yearly reviews, but we actually got started yesterday. My PMs have been a little more hands on than I thought they would be, but your comment was helpful. I will circle back if I have anymore questions. 

Oct 6, 2020 - 12:01pm

Bankers despise flippers, and if it becomes widely known that this is your strategy, your allocations will quickly be cut.

In other words- tread lightly.  Its not really a sustainable 'investment strategy'.

"Sounds to me like you guys a couple of bookies."

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