HY/Distressed Credit desk analyst - modelling case study

Hi all - currently an IB analyst and am currently the to move to a HY /Distressed credit desk analyst role. As part of the process I will need to complete a case study. While I am competent in my modelling skills and understand debt repayment dynamics, i have little experience in the more specific and technical elements of HY /Distressed analysis and as such I am looking to bring myself up to speed.

Do any of you guys have any suggestions for helpful resources (websites, books etc.) on the type of analysis typically carried out or case study examples/ sample models worth taking a look at?
All help greatly appreciated

Comments ( 2 )

Most Helpful
6d
Tommy1303 , what's your opinion? Comment below:

Wall Street prep leveraged finance guide is a good starting point.

Obviously Moyer is great but very lengthy.

I have interned in a distressed credit hedge fund before. We looked at more DCF bridges and Cap structure tables. The key metrics we looked at were Net Debt/ FCF or EBITDA . It's mainly understanding if a company is generating enough cash/ has disposable assets to pay me back as a bondholder. There are many more intricacies like creditor on creditor violence, credit committees, etc.

  • 2
  • Analyst 3+ in HF - RelVal
6d

Nesciunt amet dolorem odio quis. Nemo rerum explicabo cumque consequuntur reiciendis.

Modi error sed repudiandae ut consequuntur consectetur placeat. Ut et qui ut unde voluptatem ex et quidem.

Quas atque impedit atque eum repellat illum et non. Consequatur sed et tenetur tempora sit ipsum at.

Start Discussion

Career Advancement Opportunities

March 2023 Hedge Fund

  • Point72 98.9%
  • D.E. Shaw 97.9%
  • AQR Capital Management 96.8%
  • Two Sigma Investments 95.8%
  • Citadel Investment Group 94.7%

Overall Employee Satisfaction

March 2023 Hedge Fund

  • D.E. Shaw 98.9%
  • Magnetar Capital 97.8%
  • Blackstone Group 96.8%
  • Millennium Partners 95.7%
  • Citadel Investment Group 94.6%

Professional Growth Opportunities

March 2023 Hedge Fund

  • D.E. Shaw 99.0%
  • Point72 97.9%
  • AQR Capital Management 96.9%
  • Citadel Investment Group 95.8%
  • Magnetar Capital 94.8%

Total Avg Compensation

March 2023 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (22) $464
  • Director/MD (11) $434
  • NA (5) $306
  • Manager (4) $282
  • 3rd+ Year Associate (23) $275
  • Engineer/Quant (66) $274
  • 2nd Year Associate (29) $251
  • 1st Year Associate (71) $192
  • Analysts (218) $177
  • Intern/Summer Associate (20) $130
  • Junior Trader (5) $102
  • Intern/Summer Analyst (241) $85