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Thoughts on MMF
Posting anonymously but I've spent most of my career doing distressed credit/special situations/high yield at funds with more long-term locked up capital (think of the likes as a Oaktree, SVP, Monarch, Redwood but on the smaller side). Have an offer from a smaller/lower tier MMF (think Verition,...
Specializing within credit sub-asset classes
I work for a boutique LO discretionary asset manager as a junior fixed income PM. Given recent turnover and a new strategic outlook, I have the opportunity of choosing which sub-asset class within credit to dive deeper into. While I'm currently a generalist, doing work for funds with IG Credit, HY...
performing credit HY/LL/CLO comp reports?
Does anyone have any performing credit comp reports? HY/LL/CLO/HF etc. can PM https://www.odysseysearchpartners.com/comp/2023-p…
High-yield, Distressed Debt, and Special Situations Groups
Does anyone know who the most well-regarded High-yield/ distressed debt/ special situations groups are on the street? I know that Oaktree, Centerbridge, and Angelo Gordon all have very strong teams and track records. Who else am I missing?
High yield versus investment grade
Hi there, I have a credit research interview coming up with a top-5 asset manager in the fixed income space. In the interview, I'll need to state whether I am pursuing the high yield or investment grade role. Having not interviewed for any buy-side fixed income roles before, can anyone offer advice...
Credit investment sample model / writeup
Hi - anyone have a sample writeup of a credit-focused investment? Can be distressed or regular-way HY, just trying to get a sense of the approaches that people take with respect to modeling. Usually I see shortened models including revenue / EBITDA / FCF and a waterfall for recoveries, but curious...
Leveraged Loans vs. High-yield Bonds?
Is there any career implications for covering Leveraged Loans or High-yield Bonds, in terms of early career learning and the work experience later in your career? Given the majority of loans are managed at smaller CLO shops vs. bonds more traditional LO, is there any implications there? If you had...
LO High Yield Credit > L/S HF?
Is this a natural or feasible progression? Where is the lapse in skill set? Also curious about skill transferability to LO deep value (Baupost type)
HY outlook & recovery?
What are people's thoughts on the recovery path for the HY and LL markets (2021-2023). Are there still pockets of value? Keeping the question broad but would love to hear from those in the opportunistic credit space
Top HY Managers?
Just curious if anyone has any insight on who the top High-Yield groups are? I bet most size-able funds have a decent product here, but was curious if anyone knew some groups that stand out/are well known for being top notch. The only one I have heard much about is JPM.
Leveraged Credit Buy-Side to Sell-Side
Hi All, Long time creeper (since early college days), first time posting. For context, I'm based in Europe, but not London. Long story short - I'm a 2nd year analyst at a HY / leveraged loan shop. Pretty recognizable name in the US and I often see it being discussed on WSO, but our European HQ is...
What does PE think about Credit Investors
High yield research analyst here covering a few industries in the leveraged loan and high yield bond markets. As private, loan-only issuers start to report Q2 results (most credit agreements require #'s within ~45 days of quarter end) and I review presentations, update my models and prepare to talk...
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Feeling underprepared for full-time research role
Hi everyone, I accepted a role at a boutique AM that focuses only on corporate high yield debt as a research associate. I was surprised at how high-level the technical aspects of the interview process were, as this firm is small enough where they don't have a formal training process as they don't...
DDJ Capital Management - Brand/Exits/Investment Strategy
Hi guys, I recently came across DDJ Capital Management, an $8bn High Yield Opportunistic boutique fund near Boston that's been investing in HY since the 1990s, but it doesn't seem to get many mentions on WSO . Aside from the fact that they do some aggressive CCC bottoms-up investing, does anyone...
Internship at a HY Muni Fund - are skills transferable?
So I received a pre-MBA offer to intern at a HY muni fund. Most of the fund's holdings are in hospitals, highways, charter schools, etc. My understanding is that some of their holdings are issued by private enterprises, which would potentially involve typical financial statement analysis/modeling....
Credit HF - Credit Agreement Case Study (6-8 Hours with 150 Questions)
Hey All, So I got selected to go in for an in person interview with a lean and quite new High Yield Credit HF . The first round consisted of a 60 min online survey that was about 25% behavioral and 75% technical. I was the only candidate selected, based on the survey, to come in or the in person. I...
Interview question on bond
Hello, I recently gave interview for HY Credit trading profile. After 5 rounds of interviews in 6th round, I was grilled a lot on comparing bonds from different sectors. I was asked to compare high yield bonds of same coupon, maturity and size belonging to companies in construction, TMT , F&B and...
What is Leveraged Finance Trading?
Just as the title says, what does it entail? I tried searching for it on the forums but all I could find were threads for the LevFin group within IBD . I am pretty sure that it is a micro oriented trading desk, but what kind of products do they trade? High-yield bonds, loans, that kind of stuff? I...
Q&A - High Yield/Distressed Debt Sell Side Analyst
2nd year analyst at a boutique broker-dealer from a non-target state school. Also a CFA Level 2 candidate, working under multiple sector analysts with decent exposure to Oil & gas, metals & mining, and retail. We publish mostly on high yield/distressed debt situations but also some special situation...
Bank Debt/Leveraged Loan Investing
Hi I'm interviewing with a CLO loan shop with a BDC out in New York and was wondering what the career progression is and if there is flexibility in this type of product. I know that distressed funds tend to recruit people from high yields and sell side leveraged finance. I'm just wondering if...
Bond market note
Would today be a good day to be holding bonds that have lower or higher duration? I am not familiar with the duration concept too much but from what I can interpret, it is better to hold higher duration bonds because that means YTM is low and TTM is very high. Can someone please explain this better?
State of Leveraged Finance
Does anyone have any commentary on the state of leveraged finance groups at various banks? The high yield and leveraged loan markets are obviously quite poor at the moment, but how has this impacted LevFin groups thus far? Have banks implemented a hiring freeze? \\
5% USD Term Deposit - How to find depositors?
Hello guys, my name is J and I work in one of the biggest banks in Mongolia. I have been planning to write this for a long time and finally the good news I was waiting for has arrived: The giant copper-gold mine (Oyu Tolgoi or OT) will resume its development. It is a huge news for Mongolia as it...
Credit Question
Hedge funders, I'm a credit analyst underwriting bank debt and looking to get some exposure to how the underwriting for bank debt differs from investment grade bonds, high yield bonds, and mezz debt. Does anyone have recommendations on blogs, articles, books, or otherwise to get some exposure to...
Career Advice - JPM DCM vs Nomura S&T
I'll keep this short and sweet: You want to be an investor as a long-term career, and say you were given these two hypothetical job offers out of college: 1) Nomura High Yield and Distressed desk analyst - somewhat principal strategies like role where you perform fundamental analysis on different...
Any High Yield or Bank/Leverage Loan Traders here?
I had a few questions about current market and liquidity and wondering whether there are any sell-side traders here who wouldn't mind answering a few macro-type questions. Please PM. Thanks.
HY/junk people: Does Oaktree's fund raise mean anything? Are we in a junk bubble?
Let's be honest; these guys are not stupid. Read this quote: “Credit standards have dropped and non-investment grade debt issuances reached record levels,” John Frank, Oaktree’s managing principal, said July 31 on a conference call with investors and analysts. “Aggressive extensions of...
Can you call bank debt?
Have a technical interview in 6 hours, and just one technical thing I need help on. Anyone with knowledge of bank debt, particularly in context of LBOs please chip in. Anyhow, my question is, I know that call provisions are usually not common place when it comes to bank debt, but I'm assuming a bank...
How to attract depositors from foreign countries?
Hi guys, I work in a bank in Mongolia and one of my responsibilities is to attract deposits. I want to attract clients from outside of Mongolia but dont know how to do it. Are there any tips where or how I can contact potential clients? Or where I should look for? etc.. One of the advantages of...
High Yield Bubble
Chaps, So as many of you may have noticed, it's all getting a bit frothy out there. We're seeing div recaps, PIK, cov lite, 100% Italian businesses' CCC+ bonds priced at 8% and books full / oversubscribed. We all know it's a chase for yield, that it's a land grab, forced buyers everywhere and so...
High Yield relative value
I'm trying to prepare for an interview, does anyone have insight to the following? When I'm looking at buying/selling exposure on an outstanding high yield bond and looking at relative value, I am assuming that I would look at yields on new issuances that have similar credit ratings and yields on...
UW a TL vs bridging a bond?
Hi - quick question. Was listening to some of my MD's speak on this subject and I wanted to know - is there a specific difference in terms of both process, and risk? Obviously if after underwriting a TLB, no one wants to buy it - you're stuck with 300mm in paper. Is this the same idea for bridging a...
Credit/Fixed income/debt investing fund interview
Any thoughts/advice on debt specific interview questions? Would love any that you have. thanks!
Advice for a junior going to top 15 fund
I'm an undergad, and upon graduating, I'll be fortunate enough to be joining the credit investing arm of a private equity firm that is probably in the top 5 internationally. I'm also fortunate enough to have had a lot of investing experience early so that is not my major concern (although I would...
Fidelity High Yield
Hi all, I just got first round for fidelity high yield, but i haven't been able to find any resources on the general structure of their interview. Has anyone had experience with interviewing with them / can you shed some light on some of the questions they will ask? Also can anyone point to good...
Books on high-yield credit investing
Am looking for something focused more on going concern credit analysis (with a quantitative/modeling bent, if possible) than Moyer, who is focused on the bankruptcy process and valuing distressed (essentially gone concern) firms. Thanks.
High Yield Research - Questions
Hey Guys, Long time reader of WSO , first time poster. Was fortunate enough to secure a FT offer from my internship and recently accepted a FT offer for Fixed Income Research (as opposed to Equity), specifically High Yield (HY). It's at a BB , and all analysts are ranked very highly in II (don't...
Bank of America Kills it in Leveraged Finance Q1-Q3
The leveraged loan and high yield markets are currently on fire! Issuance is up 30% yoy, despite 2009 being a very strong year in issuances. Bank of America was leading the charge in market share, beating JPMorgan and taking 24%. JPMorgan, the nearest bank was only at 14% market share, due to its...
16 Cheap High Yields With Low Beta Ratios
Here is a current sheet of stocks with a dividend yield of more than 5 percent (high yield) and a cheap price to free cash flow ratio (a value of less than 10). In addition, the market capitalization is above $300 million and the stock should be less volatile than the whole capital market (a beta...
High Yield Stocks With Low PEG Ratios
Here is a current sheet of stocks with a market capitalization of more than $2 billion, a dividend yield of more than 5 percent as well as a price-earnings to growth (PEG) ratio of less than one. In total, 26 U.S. listed stocks fulfilled these criteria of which 9 have a yield of more than 8 percent....
15 High Yield Large Caps With Best Margin
Here is a current sheet of large capitalized stocks (market capitalization of more than USD 10 billion) with a dividend yield of more than 5 percent and high margins. The operating margin of the observed companies is at least 25 percent. 15 stocks fulfilled these criteria of which 7 have a dividend...
13 Cheap Growth Stocks With High Yields
Here is a current sheet of growth stocks with a market capitalization of more than $200 million and a dividend yield of more than 5 percent as well as a forward price to earnings ratio of less than 10. All stocks grew by 25 percent or more over the past 5 years in sales. 13 high yield growth stocks...
High Yield Large Caps With Biggest ROE
Here is a current sheet of large capitalized stocks (more than $10 billion) with a dividend yield above 5 percent as well as a return on equity of more than 20 percent. 16 stock fulfilled these criteria of which 4 yielding above 7 percent. Here is the table with some fundamentals:...
PE recovery?
George Roberts and Henry Kravis are first cousins. I bet their childhood games in post-WW 2 Tulsa, Oklahoma weren't the typical "Cowboys vs Indians" fare. Perhaps they were, with the caveat of Custer buying out Sitting Bull's arrow supply prior to Little Bighorn. More than half a century later, the...
Tejas Securities Group
Hi,does anyone know anything about Tejas Securities Group? They have this institutional Sales Trainee opening that sounds kinda iffy... 2,000$ a month till the trainee picks up accounts and makes commission. What is their reputation like?
The "Going Balls Long" Debate
As this is often debated on the trading floor - why not do an open forum on WSO as well... Submit your antonym to the phrase, "balls long."
High yield bond markets and LBOs
Hi all, can someone please explain to me the relationship between high yield bond markets and LBOs as high yield bond markets can somehow finance LBOs? thanks.
Debt Financing Models
Studying up for an LevFin interview. Don't know a whole lot about debt financing models, but do understand lbo models pretty well. I'm hoping that someone could explain how debt financing models work? A general overview would be fine, or a in-depth description would be really great. Thanks!
High Yield Credit to Lev Fin?
Hi everyone, I'm asking this question for a friend of mine who just started working in the high yield credit research department of a top BB (top 3 in research and with a ranked analyst). He wants to know if after one year of experience he will be able to move over to a good lev fin ibd group. What...
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