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FX (or fixed income) Exit Opps 2021
I am wrapping up my first year in FX sales at a BB. As I see automation approaching, I am hopeful for creative ideas on what exit opps might be available. - Example: I have seen some securitized products sales analysts go into real estate funds. Beyond being an Fx Corp strategist is there anything...
Fixed Income Research
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...
Framing Work Experience in Munis for Corporate Roles
If I work in the municipal fixed income space, be it in public finance IB, or fixed income research at an AM, how can I best frame my work experience to be a good fit for roles in corporate ER or IB?
Second round interview with Lazard Asset Management
Hey everyone, I have a second round interview for a Portfolio Analyst position in convertible bonds at LAM. I haven't really had asset management interviews before, and the first round was fairly relaxed - I spoke with the portfolio managers, they asked me kind of general things about my experience...
Fixed Income--what is it really in IB/AM?
this might be a dumb question, but I know what fixed income generally is in the sense of bonds and dividends, but what specifically does a Fixed Income group do within an Investment Bank or Asset Management firm? thanks!
Fixed Income research Morgan Stanley
looking for insights on Morgan Stanley's fixed income research division, type of work, The selection process for summer analyst: technicals(what to prepare), behavioural, what to prepare in advance?
Do MM fixed income pods operate similarly to Equity pods?
Hi, can someone who works in a fixed income MM pod opine on the differences btw a fixed income pod vs an equity pod? It seems like equity pods spend a lot of time on calling quarters but not sure if that would work as well with corp fixed income securities. I am sure there is a HUGE difference...
Q&A: Recent Quitter from Fixed Income S&T to Startups
Hello. I am new to the WSO blogger community; this is my first post. I went to a semi-target and interviewed during the crisis, when company presentations & on-campus workshops pretty much dried up. WSO was a crucial source for me when I started finance recruiting in late 2007, and definitely gave...
Fixed Income Jargon
Ok any definitions for the following related to the new issue process : - “going subject” - “in the grey” - “free to trade” - “on the break” Thanks
Looking for a MOOC about Fixed Income
Hi guys! I would like to learn more deeply about fixed income and I thought to spend some weeks doing a MOOC about fixed income. I studied Business Management but my knowledge about it is basic.
J.P. Morgan Markets (Sales, Trading, Orig.+Structuring) Summer Analyst 2021 Question
Hi guys. I am interested in getting exposure to Sales and Trading in my Summer 2021 role. Apps just came out few days ago....Should I apply to all 3 of these "Market" roles? Are JPM 's programs rotational? Like would I be able to try out both a sales desk and a trading desk (i.e. like a traditional...
Paths into public/private credit, fixed income asset management
Hi all - Have recently become interested in pursuing fixed-income asset management as a career, rather than PE / HFs (currently in a DCM role at a BB bank). I am interested in public and private credit strategies. Could anyone in a fixed income investing seat discuss their path to the role (CFA,...
Projecting covenant EBITDA?
How do you guys usually go about projecting EBITDA used in credit agreement covenants? any advice would be appreciated, thx
Amortising Repayment and Interest Coverage/Cost Allocation | Debt Financing
When working on a case study with very little information given, the following questions occured. 1) When calculating the interest coverage ratio, how do I treat amortising loans? If they yield 0.75% should I treat 0.75% of the notional value as interest expense although that is technically wrong?...
Measuring Liquidity Duration
Hi all, buy-side corporate credit analyst here on a fixed income desk. I'm new, so don't shit too hard. I'm helping my PM measure the liquidity profile of each issuer in our portfolio. Basically, I want to find out how long a company's current liquidity (Cash + Avail. Lines of Credit) will last them...
What are some of the catalysts in 2020 going forward, for the Mortgage Market and Index Funds in General?
Hey guys, Out of curiousity, I'm conducting a pitch on MBS's and I was wondering if you guys had any thoughts on catalysts that may affect the MBS market in 2020 going forward? Thanks
Fixed Income Fund that doesn't use derivatives?
Hi everyone, I am building an income fund but I need to find a fixed income fund that DOES NOT use derivatives. I went through at least 50 fixed income funds from various companies and all of them mention use of derivatives in KIID/Factsheet/Prospectus. As long as it yields 2-4% it's fine with me....
Best source for fixed income news?
Hey guys, Going into a fixed income investment role for this summer and looking for the best way to prepare. I've been following the markets for awhile but most of what I read is equity-based and looking to pivot to a more fixed income focus. Anybody know of some good sources for fixed income news...
Q&A: Options Trader at Top Prop Firm
About I knew nothing about finance, below 3.0 GPA from UIUC, and had no connections. But I made it. I found my way on to the trading floors in Chicago and eventually got hired at a top firm as a trader. I managed the European session for one of the largest fixed income options desks in the States. I...
Shortened Settlement Cycle - Equity and Debt Market
Hi All What are the changes required in the existing system if the settlement cycle gets shortened, like it recently happened for US and Canada Market - Sept 2017. Why ware these changes required ? And how this shortening of settlement cycle help the industry and process as a whole ? Tx Abhinav
Best way to learn about fixed income/credit markets
Title is pretty self explanatory. I will be joining a credit focused shop soon and hope to become a trader one day. What are the best ways to teach myself about the securities, markets, etc. Thank you!
What is your favorite, non-obvious, Bloomberg function?
Bloomberg has some insane capabilities, not all of which are widely known. Maybe that's just because I'm new into my buy-side role (Fixed Income). My favorite function: "SPLC" ...shows you a company's entire supply chain (vendors / customers / recommended comps), organized by % of revenue, COGS,...
How to find a benchmark interest rate to borrow off shore/on shore RMB using bloomberg.
Guys, My boss just gave me an assignment to find the benchmark interest rate to borrow off shore/on shore CNY. Do you guys know which rate this would apply to? I also need to get the yield curve of it. Thanks very much in advance!
Investment Grade Bonds analyst exit opps
Hi Monkeys, I can't tell you guys how much I've learned from everyone. I wanted to reach out to see if anyone could prove some suggestion on my career path choice. My background is a postgraduate in HK and now receives one offer from leading insurance-background asset management company, fixed...
Difference Between Strategy Desks and Trading Desks in Fixed Income
I have previously been to a BB's fixed-income trading floor and was able to have a very quick glimpse into the majority of desks. One that really interested me was a strategy desk that seemed to have a smaller team than most of the other desks. Since I didn't have long to speak to everyone there I...
Is anyone here a Credit Analyst at a PIMCO-esque shop? IWTL how to properly model corporate debt.
Bit of context: I'm in fixed income manager research and I've got a decent-ish grasp of the markets but where I want to build knowledge is within individual security analysis (plan is to eventually go buy-side as an analyst) I'm curious as to what models are used to value a credit, particularly fair...
deleting
deleting xxxx xxx Xxxxxxxxxxxxxxxxx this is an old post and I’m deleting this. Why WSO doesn’t have a simple delete button
CFA Level I Fixed Income - Why do we use full price in money duration and par value in price value of a basis point?
Hi, I'm having some trouble understanding why money duration uses full price in its calculation, while price value of a basis point uses par value in the link below. Could someone please explain the reasoning behind this? https://ift.world/booklets/3-6-money-duration-bon… Thanks.
Greensill Capital
Greensill Capital, an independent financial services firm and principal investor group, specializes in supply chain finance, structured trade finance, working capital optimization, specialty financing and contract monetization. Headquartered in London, the firm was founded in 2011 by Lex Greensill...
Graduating in December and trying to break into DCM
Hello WSO , Long time listener, first time caller. I officially joined up after purchasing the interview prep course recently. I currently go to a non target in Canada, where I will be finishing up this December, 2019. I guess my main bona fides are an equity research internship, I just wrote the...
How do you come up with trading ideas for FICC more specifically for corporate debt or rates? Explain like I'm 5 please
I have never come up with any trade ideas outside of equities, so I don't actually understand how it works really. I know what FI products are and the basics of FI but what does a FI trading idea entail within the realm of S&T? If someone could help me on this seemingly dumb question I would really...
Fixed Income Strategy Analyst at BB - will this class be useful?
Hi everyone, college junior who will intern within Fixed Income Strategy (Research) at a BB in 2019. (My team is within markets; not asset management. Please excuse if this is not the right forum for this. ) They haven't told me which exact desk I'll be placed on. Everyone in my team has advanced...
Best Fixed Income Book to Read
I'm looking for a fixed income book to read over winter break from college. I started studying fixed income this semester and really want to deepen my knowledge in the subject. I'm looking for something that will give me a concise yet thorough understanding of fixed income including: pricing,...
Performance Based Careers
Hey Guys Wanted some advice please. I am looking for alternative positions as hedge against current situation and wanted your input as to what you think I would have a chance at given my experience: 2 years - Middle Office Derivatives 2.5 years - Structured Finance modeling (CLO/CDO) 2.5 years -...
Fixed Income plays in EMEA region, especially Africa
To the AMs looking at the global bond market, what is your outlook on the Bond market in emerging countries given the negative sentiment in Equities. Currency risk remains key in the short to middle term, however there are decent yields to be derived in countries in Africa if you can properly hedge...
Fixed Income - Anyone?
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Prudential Fixed Income Rotationals Quant Interview
Hey guys, I have a quant interview for Prudentials fixed income rotational group this upcoming week. Do you have any idea what type of questions I should prepare for? I’ve been studying duration, PV01, convexity, term structure of interest rates and investment strategies, but I’m not sure what...
How do I grow my career in the fixed income space, especially in going into fixed income research?
Hello guys, I am at a crossroad in my life and need to make a decision on how to develop my career for the next 10-20 years. Most of my prior work experience has been related to fixed income. Recently, having spoken with a few close friends on this, they suggested, based on my background and...
Do All Debt Securities Fall Under Fixed-Income? Does Fixed-Income Only Encompass Bonds?
Hey guys, basically the title. I'm trying to map out all the major kinds of financial securities to learn/know about to increase my financial knowledge. ie. I have "Financial Securities" split into "Debt Securities", "Equity Securities", "Derivative Securities", and "Hybrid Securities". In trying to...
Leveraged Loans (Primary, Secondary markets) and Bond trading/asset management
Hi all, 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...
BlackRock or Goldman Sachs two offers
I have two offers one from BlackRock and another from Goldman Sachs. The BlackRock position is a fixed income specialist role while the Goldman Sachs position is a Controller position for their valuations group (not to be confused with PE valuations or anything like that). I think the BlackRock...
Best retail brokerage for bonds?
Any recommendations on the best retail platform for bonds? Not planning on actively trading, mainly looking to buy short-term paper (1 - 2 years) to hold to maturity. Fidelity and Interactive Brokers seem to be popular options but curious if there are other platforms worth looking into or if anyone...
Citadel Global Fixed Income in NY - Compensation, progression, success rate?
I'm considering a role in Citadel's Global Fixed Income Fund in NY . I spoke to a recruiter and am considering applying. I'd be coming on at the junior trader level, probably somewhere similar to where people 2-4 years out of BB S&T would join, but my background is prop trading. Does anybody know...
Role of Quants in Credit Investing/ Trading: ABS, Structured Credit, Corporate Loans
The evolution of credit trading electronically and potentially automatically is all but guaranteed. What are current Credit HF , and other investors/ trader of credit doing at the moment on automating credit trading? • Banks • Regional banks • Finance companies • BDCs • Institutional...
Freshman decision between unpaid search fund internship and paid MM fixed income risk management summer internship
I'm having a really tough time deciding between continuing with my unpaid search fund internship or pursuing a paid fixed-income risk management internship in LA. The partner I'm working for at my search fund told me I need to think about the long-term vision of my career (My end goal is HF /PE) and...
Institutional Sales Analyst Job Description and Overview
For many, institutional sales offers the best of all worlds: great pay, fewer hours than in corporate finance or research, less stress than in trading, and a nice blend of travel and office work. Like traders, the hours typically follow the market, with a few tacked on at the end of the day after...
30-Year Anniversary the 1987 Stock Market Crash
The Crash of ’87, From the Wall Street Players Who Lived It This article flashed across my terminal the other day, and I thought that it was one of the best pieces I've read in a while. Anyway, I thought it was really cool/insightful to hear about the stock market crash from market luminaries like...
Bond Market and Fixed Income Job Market
Just wanted to gather you guys' opinion as it pertains to the current state of the bond market trend (higher yields/bond market selloff) and future job market within the fixed income investment management industry in the next 2 to 15 years from now. Background: prospective MBA student aspiring to...
Learning skills to move to long/short equity funds
I am about to start as an analyst at a fixed income hedge fund focused on relative value strategies. Its unclear to what extent I will get experience doing fundamental research, but it seems like I won't be doing a lot of it. I have a few months of free time this summer before I start work and am...
Entry-level Fixed Income Research Associate interview
I've got an upcoming fixed income research analyst position coming up, I'm in college so this will be an entry level position. It is with Fidelity. The dilemma is, I don't have any background or work experience in fixed income. This is the job description: -The Fixed Income Research Associate...
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