Leveraged Loans (Primary, Secondary markets) and Bond trading/asset management
Hopefully you can share some knowledge with the community. Looking for some guidance that will help me progress in my career and move in to trading leveraged loans and other fixed income products.
I supported the par and distressed trading desks at a BB for a few years (but I was at a satellite office so I didn't get much exposure to the trading desk, I was in operations), but since then ive moved to a credit fund with increasing AUM where I sit on the desk with the PM's, and Ive learnt a lot more about the market from being closer to the execution side and decision makers. This has made me much more motivated to move to the trading side.
One of the C-level execs who is essentially who I report in to said that he could see me moving in to credit research if I study the CFA in a few years. I positioned myself as a technical guy in interviews (Excel, VBA knowledge etc.) which I am, but actually im more of a people person.
- What are the best resources for learning the technical side of trading leveraged loans? I've got The handbook of fixed income securities by Fabozzi, Distressed debt analysis book and Rosenbaums investment banking book. Appreciate if any more resources can be shared. Ways to brush up on credit skills?
(Also I have access to the credit teams models and investment recommendation reports)
What are the best news resources? I read things like ZH, Bloom, Fortune term sheet, are there any good news sources for fixed income traders? What kind of info do they look for? How can I develop intelligent trading ideas from these sources?
What's the market outlook for the next 5-10yrs? Confident the market will still be growing but worried about putting sweat equity into making this move then blockchain coming in and fucking me up.
Im improving my soft skills tremendously. I'm constantly speaking with our counterparties on the phone, building relationships and understand that a lot of the trading is relationship driven as well. The PM's seem to be out for dinner with clients almost every night. What can I do to show im really capable of being put infront of clients? What would you look for? I'm already a stark contrast to my other ops colleagues who are quite timid (not in a negative way). Good relationship with all members of the team - PMs, credit research, investor relations, corp dev, ops and the C-levels - its a lean team.
Another ops guy moved in to the PM team, I think mostly due to his Lvl 3. CFA, he was on a temp ops contract and moved about 6 months later. Should I chase a professional qualification or should I concentrate on my output at work? Confident I can work exceptionally hard to differentiate myself rather than studying.
Appreciate all help.