Structured Credit & Private Financing

What does Structured Credit Trading desk do in the S&T Division of banks? I have heard that they do a lot of CDS, TRS, Credit Repo, CSO and CLO. I also heard that it works closely with IBD(most likely structured finance group) and originate and execute deals.

My understanding is that structured credit traders both make markets and provide private financing to companies with relatively low credit ratings(BBB below). Is this right? What sorts of exit-opportunities are there? Is it feasible to go to credit funds such as Oaktree? I know BlackStone GSO and Carlyle have structured credit funds. Do traders in Structured Credit Trading desk exit to these kinds of firms?

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