Does anyone have the Citigroup credit primer document, from around 2004/2005, they would be willing to share? Much appreciated if so. Thanks to PrimeP: https://www.mediafire.com/file/jyxyn5spyqtdfia/Cr…
08 Aug 2021
Mod Note (Andy): Q&A/Interview Tuesdays! Email me ([email protected]com) if you'd like to do a Q&A or interview for WSO My background is working in a high yield/distressed trading desk as a research analyst and trader, before making the move to a credit hedge fund within one of the major PE firms. The guys on the public side of the wall are a different breed than the private-side banking guys, who I think have a pretty high level of representation on this board relative to fund guys. A little rougher on the edges, and probably a little more intense in general. Hopefully I can shed some
11 Sep 2020
Hi Everyone, Long-time lurker over here currently at a credit hedge fund focusing on special situations and opportunistic credit. Haven't seen all that much about private credit vs. private equity. Been trying to assess whether I'd like to stay on the credit side or move to the equity side. I like the creative side and uniqueness of the structuring around credit, but I have more of an entrepreneurial mindset and feel like I'd like the PE side of things. I'd love to hear people's take on private credit vs. private equity. What hypes you up about credit/equity? What's the comparative work life
13 Oct 2020
I spent ~5 yrs on the sell side getting my own coverage in a financial services niche. Moved over to the buyside over 5 years ago to help build out an equity platform in a primarily credit shop (with a nuts and bolts operating business). The idea being to leverage our operational and business expertise to invest in businesses that are tangential to what we do. Because equities aren't the primary product we invest in, my experience is likely a bit different than a lot of other hedge fund professionals. We are opportunistic with investments with no defined portfolio size. We have a more
17 Sep 2019
Open to any questions involving the broad field of credit advisory and investing. To give you a bit of background, I've worked in: bulge bracket restructuring, boutique restructuring, private debt, distressed debt, a FinTech start-up, a family office, and currently at an asset manager that structures credit and asset-based solutions for venture and growth-stage companies. The connectivity to every job has been either credit or special situations. Happy to share my experiences and thoughts as you apply to or consider any of these jobs. Over the past 10 years in each job I've seen a lot and seen
03 Jun 2021
Let's get a nice chain of 2020 comp data from folks in the credit and equity research space. I'll start: Title: Credit Research Associate (1st year) Rank: Bottom, first post-MBA job Firm Type/Size: Buy-side, $200B AUM Base/Bonus: $110/45 City Description: low COL city in U.S. Looking forward to seeing how everyone fares for 2020. 2019 thread: https://www.wallstreetoasis.com/forums/equitycred…
18 Feb 2020
Hey all, I recently secured my junior offer and have been looking at the possible exits from the seat. All the typical IB exits are represented, but one thing that came up was credit. To be honest, I ignored learning about the buy-side since I focused 100% on IB and didn't think it was worth worrying about until I secured SA, so I know nothing about the space besides PE. Anyone know any good resources (books/videos/primers) about learning about credit and the careers available? My level of understanding is 0 so anything from the most basic to most comprehensive would help. Edit: I know that I
15 May 2021
Hi all, have an upcoming case study with Ares Infrastructure.and Power I have been told the case will be 5 hours, but no other detail. Was wondering if anyone had any insight on what one could potentially expect or how best to prepare? They are a flexible capital investor so suspect it will involve evaluating which part of the capital structure would be most attractive from a risk return perspective. My experience across the capital stack is limited since we make equity investments exclusively at my current shop. Experience that folks on here that have interviewed at other US energy /
19 May 2021
How do the technicals differ between say, an investment banking interview, and an interview for an analyst position at the credit arm of a large PE firm (Blackstone credit, KKR credit, etc)? This would be a position for junior year of college summer, if that context is helpful Thanks in advance for any help
03 May 2021
There was an old post on this topic with a interview with Marina Lutova Meyers, the previous credit PM, but I found credit guys at Citadel don't stay longer than 2-3 years. (maybe this is a citadel thing, rather than a credit team thing...) Pablo Salame, came to head the credit franchise, replacing Eric Felder, in late 2019, and I do see he has bought in a couple of new guys to the team. Wanted to understand what's the latest with the credit strategy. Anything on this team would be much appreciated! Here is what I observed / guessed: Citadel was never a distressed / special sits shop, and I
30 Apr 2020
Is one better than the other ? Harder to get into than the other or more or less the same? Do people with IBD M&A experience (no debt experience), move to the Credit/ Special Opportunity arms of the funds?
22 Jul 2020
I am a current IB analyst (boutique) looking at the path of MF Credit (let's assume it's either Private Credit or HY / Distressed) --> L/S Credit HF vs. right to a L/S Equity HF. Curious what the differences would be in risk tolerance at both shops on the HF side of the equation, which I view as the ultimate point of comparison. Also, have you seen people go from L/S Credit to L/S Equity on HF side? Summary of my thoughts on both, please correct me if I'm wrong but this is what I've gathered to date: L/S Equity HF (assume longer term hold period - so not MM pods) Unlimited upside to longs (i.e
03 Sep 2020
Andy note: "Best of Eddie" - while Eddie is on vacation we're throwing up some of his classic posts from the past. This one from June 2010 is part of the very popular "Sell Your Options" 5-part series. More to come later this week & next. If there's an old post from Eddie you'd like to see up again shoot me a message. Unsecured consumer debt is a relatively new phenomenon in our country's history. Believe it or not, I can remember a time before Visa. When I was a little kid, credit cards were so rare that most businesses didn't accept them (debit cards didn't exist either because, well, ATM
02 Jul 2012
Hey all, I am starting as a 1st year credit research analyst at one of the BB's soon and was curious about the flexibility to move from the publishing research role to a desk analyst/trader position. Just some questions below: How often do people make this switch/is it common? What sectors would make the easiest switch? I haven't yet been given a sector but was very interested in potentially doing HY/LL Strategy, and if that fails going into some HY sector. Would doing strategy instead of a traditional coverage universe change the likely hood of moving into trading?
16 Mar 2021
Hello all, I am currently deciding between two offers, both from regional commercial banks (~$10B in Assets). One offer is less money and offers a formal credit training program, while the second is a lot more money, but with no credit training. The goal is to move into a LevFin role down the line, but I am wondering how valuable the credit training is, and what kind of weight it holds. Appreciate the help.
27 Mar 2019
Was looking on linkedin and saw that Blackstone is offering an internship for their credit team: https://www.linkedin.com/jobs/view/2022-summer-an… obviously it's difficult to judge from just a LinkedIn posting, but I belive this is the first year they are taking interns for the credit division. Would this be a good place to start if you wanted to exit potentially to a credit hedge fund? Would it be better to start here or a more typical
25 May 2021
I'm about to be a graduate of the Class of COVID-19 from a non-target school. I'm exploring career opportunities in finance and, since there are so many of them with various titles, I often get confused about what the jobs entail. With that said, could somebody please explain the differences between these jobs in terms of the responsibilities? Some of them seem to overlap to varying extents and I found that one credit analyst position might be different from the next. Thanks in advance.
02 Apr 2020
Currently in a process to lateral to a mid-tier Rx group [Greenhill, Gugg, Jefferies, Rothschild]. What would potential exits from one of these groups look like? MF Credit? MM Credit? Distressed? Growth Equity? PE?
14 Feb 2021
Hello - does anyone know of a credit training class I can take? I am unemployed and would like to apply for those types of jobs and willing to pay for a class to learn that.. Thanks, Amy
30 Nov 2020
Hey everyone, as the title says, I'm going for an upcoming sales summer analyst role at a BB next summer at their Credit desk. I've bounced around the forum a little bit and have seen some relevant literature (Fabozzi's Bond Market book, Annette Thau's Bond Book) that has been used as prep material. From my understanding, are credit desks typically focused more on bonds (investment grade, HY, distressed) and CLOs? The fixed income umbrella is pretty huge, so I wanted to seek advice from anyone who could give me a better handle on this. I don't come from a business background (programming/STEM
08 Feb 2021
A close friend of mine is at a crossroads & needs some help. I'm going to turn over my account to him and let him ask the question: Hello everybody, I'm in a tough spot. I'm currently enrolled as a sophomore at a non-target. My freshman year, I worked/networked extremely hard and did a summer internship in private equity. For the upcoming summer of my sophomore year, I managed to get an offer as a private equity & credit summer analyst at a top PE fund (think KKR/Ares/Apollo). My issue is that recently a headhunter for a VC firm reached out to me and said they'd like me to work for them this
03 Apr 2018
by Dr Constantin Gurdgiev, Adjunct Assistant Professor of Finance with Trinity College, Dublin In many jurisdictions around the world, policymakers and economic analysts are keen on promoting the virtues of credit systems as drivers for growth. Even in more conservative, boom-and-bust weary economies, conventional view of financial services is that the investment and savings facilitation provided through credit systems to the real economy is a good thing. Thus, ever since the onset of the Global Financial Crisis, euro area and other advanced economies' policy makers have repeatedly stressed
30 Jun 2015
Hi all- Reposting this in the hedge fund forum I am interested in interviewing for credit funds in the near future and am wondering if the WSO PE interview guide would be worth it for me? I am currently in a debt focused role at a BB. The WSO PE interview guide for $299 includes the following: 9 LBO Tests WSO Video Library - 1 Yr Access WSO Company Database - 1 Yr Access 300+ PE interview Questions - Company DB 200+ Page PDF on PE Industry & Recruiting While I believe the modeling in a credit fund should not be so intense, I am mainly looking for practice on modeling so I would imagine these
15 Mar 2021
Background: 1.5 yrs in ABL at a BB covering a variety of industries: manufacturing, distribution, materials, consumer products, etc. mainly with sub-investment grade/distressed companies. Non-target; sub 3.7 GPA. Any advice on how to position this experience to lateral into a 1st year IB analyst role? Is another BB/EB possible or is MM more likely? My current responsibilities include: - Underwriting various transactions (proposed M&A's, restructures, divestitures, etc.) by evaluating different credit metrics (leverage, FCCR, debt capacity). Modeling is not terribly advanced (mainly cash-flow
28 Feb 2018
Hat Tip to International Pymp for sending this to me. Very insightful interview with BlueMountain, a great long/short credit fund: BlueMountain Capital Management was one of just nine managers on the receiving end of 38% of all new money put into hedge funds this year, according to a report earlier this month from Bloomberg News. The multi-strategy, long-short credit house launched by Stephen Siderow and Andrew Feldstein in 2003 with $300 million now manages about $7 billion-about $5.3 billion in hedge funds and $1.7 billion in collateralized loan obligations. FINalternatives Senior Reporter Mary Campbell spoke to Siderow recently about credit market opportunities, ratings-constrained investors and how a version of "the Paulson trade" saw BlueMountain through the financial crisis.
06 Dec 2011
The following is an interview with Credit Risk Associate Pirho (he is also available to answer your questions). Are you a professional and want to do an interview? View our interview template here and then email me your responses to [email protected] What is your current job title and a one sentence description of your primary job responsibility?I'm a credit risk associate in the financial institutions group at a major US bank. My job is primarily analyzing the creditworthiness of banks in various countries and determining whether or not we want to lend, engage in derivatives
21 Apr 2013
I have an upcoming second round interview at a private credit firm, and trying to get any insight on how to properly prepare. I have been in the credit lending space for the last couple years, but we specifically do senior lending. The firm I am interviewing at primarily does direct lending but also participates in mezz and co-equity investments. Can anyone expand on some of the following for me: 1) What to expect in terms of technical questions? 2) How to properly distinguish where to invest across the capital structure? Or where to read up on some of this stuff? 3) Any general tips/tricks
09 Sep 2020
Hello! I am a credit analyst looking to move to the fixed income research side. I'd appreciate any help on pitching a bond for a potential interview - how to pick an investment, what should be included in the pitch etc., specifically on the IG Corp side. I am familiar with the basics of a credit write-up: business and financial profile, risk profile, peer comparison, industry and country risk etc. Is there anything specific that I should be keeping in mind while building a FI research report? How would I pick a bond to pitch (any helpful source for research?) and arrive at my final
04 Feb 2021
Have you ever dreamed of building your very own CDO? Do you think you could master the fragile alchemy of blending Z-tranche crap with A-rated paper to outperform the market? Well now you can. And I'm going to lead the charge by putting together my own CDO and reporting its results to you on a quarterly basis. Here's how. I've been researching Peer-to-Peer (P2P) lending for several months now. It is a growing market currently serviced by two major players, and I expect more to come online shortly. Individual borrowers log on and apply for a loan, and individual investors log on and fund those
29 Nov 2010
Interviewing for a Credit Portfolio Manager at a US bank and have a few questions. What the role is about: CPM work across origination, finance, risk and treasury teams. The organisational structure varies depending on each bank. They do not analyse individual deals but rather the portfolio of deals, on an aggregate basis. They assist with loan pricing / valuation, and advise on capital requirements implications for the loans book. A significant part of their job is to optimize the balance sheet structure to maximise return on capital. Therefore they track various profitability measure for the
28 Aug 2021
Hello I am currently starting my second year at a MM opportunistic/distressed private credit fund in a tier II city and have 4-5 closed deals under my belt. I would like to move to NYC and I wanted to know which search firms should I get in touch with to target UMM/MM credit fund associate/senior associate roles in NYC. Thanks
20 Aug 2021
Fellow Monkeys: I'm reaching a point where I am considering a potential career change after bonuses are paid. I've done some searching on previous threads but did not see anything tailored to private credit specifically. In speaking with recruiters, if I wanted to make more money or get a title bump I could move funds pretty in this hiring market but I'm not thrilled by those prospects. Maybe it's burnout from the past 18 months of elevated deal flow or one too many canceled/disrupted vacations but the thought of becoming VP does not really appeal to me anymore. Do credit folks go to internal
15 Aug 2021
Has anyone done a superday at Partners Group for the financial analyst program? This is a 2-3 year program where you rotate between their different groups for undergrads. What was the format (behaviourals, technicals, case studies)? How many people did you interview with? How did you best prepare? How did you best prepare for your superdays for ib and pe?
10 Aug 2021
It's a challenging deal environment out there for infrastructure investors. Particularly for credit investors, as borrowers can tap into so many sources of cheap credit: 1. For public companies, since bond markets are rocking there is no interest in a non-recourse financing with an asset manager. 2. Private borrowers: if you can tap into the bank debt market, credit is being given away by banks without any prepayment penalties, and the Term Loan B, US Private placement, and 144a market are all on fire. Relative value is very hard to come by. Anyone else out there dealing with this?
28 Feb 2021
feel free to ask me questions as a credit trader at a macro fund. i love my job and have decent experience, for those looking to get in the industry, keep it professional and I may be happy to answer some questions. based out of london. keep it off pay and firms, and I am happy to share some thoughts. if its genuine happy to chat and keep working hard. best regards!
07 Dec 2016
As someone with a credit interview coming up, I was wondering if you guys can provide some examples of bond math I might expect walking into an interview. Is it usually just solving for yield (YTM, HPY), or price? What is the way to approach these interview questions (liberal arts major so have no previous credit experience) Thank you very much!
26 Apr 2020
I've been tasked with reconfiguring a credit model, orginally had a 100% cash sweep going straight to debt repayment, now an equity portion is being introduced with a dividend. My question is how to factor this dividend payment into the model? I need to know how much distribution the company can payout while also paying down the debt. Would a set mandatory amortization for the debt, then a dividend payment, then an excess CF sweep be the correct way? Thanks.
09 Oct 2020
Lots of threads on here about long/short equity funds, but wanted to learn some more about credit funds. What would the day in the life of someone who works at a fund that focused on high-yield bonds and senior secured loans look like, maybe compared to a long/short equity analyst? What are the differences between the credit groups of mega funds (GSO, KKR Credit, Ares) compared to more boutique hedge funds like Oak Hill Advisors, Goldentree, and Exodus Point? Lastly, would it be possible to join these firms straight out of undergrad, and if you can how hard would it be to potentially switch to
26 Jul 2021
I was wondering if anyone had experience with Bain Capital Credit's Distressed arm. What types of deals have they done, are they looking to make control investments, what's the culture of the team, and how does associate recruiting differ for distressed credit versus PE at Bain (specifically anyone with experience interviewing)?
24 Jul 2021
Hello, I have an interview with one of the Big 3 credit ratings agencies soon for an entry-level position, and am wondering exactly what type of questions I could expect. Can anyone help with this?
12 Mar 2015
Hello I am currently at a MM Direct Lending fund and interested in learning more about culture, recruiting and Associate comp at Atalaya Capital Management in NYC. Anyone hear who can provide some color on this credit fund. Thanks alot.
14 Jul 2021
1) Why do Letters of Credit outstanding reduce liquidity? I would think it would increase it? 2) Any good resources on understanding credit obligations in terms of propco, holdco, parent/subsidiary etc? Just resources on understanding structures. Thank you.
11 Jul 2021
Im currently working in the "Lev Fin" group at a MM .commercial bank (think US Bank, Capital One, Citizens Bank). To avoid any confusion, we don't have an IB division so our version of Lev Fin refers to the specific lending team that specialize in financing deals backed by PE firms (LBOs, Dividend recaps, growth financings etc.) It's typically higher risk than vanilla commercial lending and its all centered around M&A, so the underwriting process can be pretty interesting. However it feels like banks are being pushed out of the space by regulation and I'm having second thoughts about staying
09 Mar 2017
recently got a grad offer for a strategy role at a credit research shop in London , really happy with offer and firm but was just wondering what the next 3-5 years could look like - especially if I've done the CFA. could I do credit trading / sales? equally, could I switch products completely i.e fx sales or equity sales etc. first post on here so apologises if ive not followed WSO forum protocol thx
02 Jul 2021
I'm interested in learning more about what GS's credit alternatives group does. I believe they were previously called Liberty Harbor, but transitioned over to just being known as GS Credit Alternatives or GS BDC. Do they primarily make senior debt investments, and if so, what % of their portfolio is senior debt vs junior, unitranche, equity, etc? Any insight into group culture/pay/exits would be great as well. Thanks!
01 Aug 2016