Fixed Income - Write up or research report help!

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wangta01

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I recently got asked to put together a write up or research report on an a high quality corporate issuance of my choice. I am familiar with the fundamentals of credit analysis, however, I am very unfamiliar with where to go for credit research and information (my background is on the equity side). Also, I have no idea what a “write-up” for a corporate issuance should look like.

1. Does anyone have any examples of a credit research report or write up?

2. Where does one go for research on credit issuances. I know the big three - Moody’s, Standard & Poor’s, and Fitch Ratings, but are there others?

I know I’m not thinking about everything…any insight, tips, recommendations would be appreciated. Hoping some of you guys come from the credit world and can provide some guidance! Thanks!
 
how much detail do you have to go into?
at the least you need to provide
1) brief description/history of the company, the outlook for the country/industry they operate in. if you have a background in equities that should be easy but make sure you focus on what will impact their credit (ability to pay money back). upwards/downwards trends in profit are pretty much irrelevant until it starts to threaten their credit profile.
2) you also need to discuss the drivers of their credit quality – what does their debt maturity profile look like? any pressure points coming up? what funding options do they have? is credit rating likely to be lowered/raised? why?
you can get data to back your points up off bloomberg if you have access. if not, you could look at their annual report i guess. the ratings agencies may have some reports (eg industry outlooks) on their websites for free, not sure.
3) i would assume you need a section on comparable companies – including relative value comparisons (ie bond spreads) if you can get access to those.
 
I’ve been avoiding this place like the plague especially with the exam date getting closer. My work and study productivity goes way down when I start lurking around here. But alas, drawn in by a fixed income question.
Anyway, Kiakaha did a good job of summing up all the major points. However, I would disagree with upwards/downwards trends in profit being irrelevant. It’s not as critical quarter to quarter but the trend is important. A downward trend in profitability creates event risk. Although a company’s credit profile looks fine, the stock is likely under pressure. This could eventually force management to buy growth or get aggressive with its financial policy – issuing a bunch of debt to do so. It’s also a good combination for an LBO – good cash flow (usually means good credit ratios) and poor stock performance.
OP, if you have access to Bloomberg, COMB is a good screen for relative value for a specific issue. You probably want to look at the Industry Methodology from the rating agencies. They’re available without a subscription. Each industry will have different credit metrics that drive the ratings. For example, debt/proved reserves, debt/production are a couple for E&P companies. If you have access to sell side research on Bloomberg (screen BRC), there’s a tab for Fixed Income. You’ll occasionally see some sell side fixed income reports there. If you’re willing to post an email address, I can send you a credit write up.
 
you are right spunboy, i shouldn’t have been so flippant about profit…..was just trying to get it across to the OP that they shouldn’t spend time agonizing over building a model that shows EPS will grow 1% next qtr…
also to the OP, apologies if this is stating the obvious, but pick a company with lots of debt (preferably publicly traded debt ie bonds) and one with active CDS contracts. you can find this info on the DTCC website, top 1000 traded CDS contracts. I’d suggest steering clear of banks/insurers unless you have prior knowledge.
good luck!
 
Hey guys, thank you so much for all the guidance. Makes sense, though I’m sure a ton of questions will come up. Spunboy - please email me a credit write if you can to [email protected].
I asked a bunch of my friends but unfortunately none have Moody’s, Fitch or S&P accounts! Arghgh. I created an account at Moody’s - they have some industry outlooks for each sector which I’m guessing has a lot of good information.
Also trying to get access to Bloomberg somehow…I don’t have access at work. Would a univeristy library, like UCLA have one?
 
Hey guys,
Really stupid question, but again, I’m a complete newbie in the FI world - when they ask me to do a writeup on any “issuer”, should I be focused on a COMPANY or a specific issuance of the Company (IE: XYZ Company, 7.7500%, 10/15/18).
 
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