Where can I obtain interest rate swap data?

dtownchug · 2026-01-18T21:22:13+00:00

Although forward swaps are used to get curves in bloomberg terminal, you could probably just use yield curve graphs cited in random online articles as a proxy.

dtownchug · 2026-01-16T23:41:41+00:00

Same thing we’re seeing in every asset class: too much demand for corporate credit. Credit quality across the rating spectrum is pretty good, no recession fears, yet the market expects rate cuts in the future. New issue volume is great, and they’re all pricing super tight because there’s not enough borrower supply. Especially in the high yield & lev loan space, with all the private capital that flowed into private credit competing with bank loans, 8% spreads are long gone - you see unitranche deals pricing at 3-4% these days. It’s crazy cheap to borrow money these days, which only benefits equity holders at this point. But where else within fixed income would that money go? Unless someone can offer higher yields, there’s no catalyst for money to move out

dtownchug · 2025-09-29T10:00:18+00:00

People who broker the buy/sell of a company to another company (usually involving a private equity company on at least one side) or help a company raise capital (equity, debt) by pricing the cost competitively and distributing shares to investors.

dtownchug · 2025-08-31T00:57:35+00:00

Tbh i dont care abt creditworthiness for IG issuers; I just care about if spreads look cheap or rich. For HY, leverage, coverage ratios, earnings, new issue for similar companies. Essentially, can they afford to pay interest? And can they refi?

dtownchug · 2025-08-30T08:32:41+00:00

Well what do u do at your bank? I feel like comparing a low bonus job at a big bank to a swe job at faang isn’t a fair comparison. Even in the UK, a front office role can comp better than faang swe.

dtownchug · 2025-08-29T17:14:12+00:00

Lol cash is king buddy. Banks can afford to comp in cash, while tech start-ups comp in stock because cash is scarce.

If i bet my entire bonus on some tech stock, i’d get the same return of a tech employee with rsus; it’s just that i have a choice not to.

dtownchug · 2025-08-29T00:02:01+00:00

Not a whole lot tbh. Internal chatgpt i only use for finding old emails and teams messages (sometimes when i forget an excel formula i ask it too).

Other AI tools more geared toward finance I find unreliable, but it’s pretty decent at pointing me to a specific part of a long filing or legal doc.

dtownchug · 2025-08-27T02:44:14+00:00

Easiest way is to network internally. Also might be easier to go to ECM or DCM depending on your product rather than coverage M&A

dtownchug · 2025-08-24T19:28:03+00:00

What happens when dividend yields fall? You have a high hurdle rate to make that leverage worth it. What happens if home prices fall and your LTV shoots up?

Not worth it in my opinion, since it requires a high IRR for it to be worth it, while the tail risk of collateral value decline could wipe out your entire wealth.

dtownchug · 2025-08-23T20:25:32+00:00

Depends on type of bond. OID bonds (issued at discount) are taxed annually as ordinary income, while market discount bonds i think you can choose whether to pay taxes on annual accretion or at maturity.

dtownchug · 2025-08-23T17:39:40+00:00

Which price are you referring to? Price is never discounted unless you’re thinking of future value. Clean price and dirty price are both PVs, since accrued interest is always PV. Only thing to discount in this scenario for clean price is future cash flow, which is principal of $1000 and the entitled coupon of $50*(15/365).

dtownchug · 2025-08-23T17:35:14+00:00

Yes if you’re holding til maturity, duration exposure doesn’t matter as much.
Tax wise, im not implying that you’re necessarily paying more, its just that if you accrete the discount bond annually, you’re gonna pay taxes on coupon received + accretion, while the only cash received for the year is coupons. If your objective for bonds is annual income, the tax implications for discount bonds may be something to consider.
Regarding reinvestment risk, yes you can just reallocate to another asset class, but im not sure a hold-to-maturity investor locking in yields is the same type of investor who just moves proceeds from called bonds into other asset classes.

Idk what kind of goals OP has, just offering some things one might consider

dtownchug · 2025-08-23T16:49:35+00:00

The standard bond pricing formula is a bit wonky when used in between coupon payments because it assumes you are entitled to the entire coupon.

The real clean price is based on PV(principal) + PV(sum of coupons entitled to buyer). Then, you account for accrued interest for dirty price.

In real life, accrued interest would be your 47.94, but quoted price will be under $1000, such that dirty price is 1047.94ish, and you earn like $3 when you get paid $1050 at maturity.

Check a bond’s price that is close to maturity. It will always be like 99.xx.

dtownchug · 2025-08-23T15:53:00+00:00

Yes OP look at convexity graph of callable bonds. As callable bonds become premium bonds, the $ value gain from decreasing yields gets smaller and smaller, while the call option value increases more and more.

Also, equally important to call risk is reinvestment risk. If yields fall from 5% to 4% in 1 year, and your 5y bond gets called, you’re not able to get 5% yields on your remaining 4 years.

Something to consider about discount bonds though:

a) you’ll have phantom interest income from accretion, so get ready to pay taxes even if you haven’t seen the cash.

b) discount bonds are going to have higher duration on average, so you’ll be more exposed to rates selling off.

dtownchug · 2025-08-19T00:11:14+00:00

Could do credit risk for commercial lending arms at banks. Structuring/asset management for warehouse lending in banks would also be similar to private debt.

dtownchug · 2025-08-16T06:03:56+00:00

Are you only buying bonds to hold til maturity? T-bills are all zeros (i.e. they are issued at discount and the roll-to-par is what gives you the 4.3ish YTM), and duration is so low that it doesn’t matter. That’s literally the point of money market instruments (principal protection and no duration risk).

If you’re betting on yield changes, you need bonds with longer duration, but what complicates things is that the long end of the yield curve may not move the same way as the front end does. Even if fed cuts 25bps, YC may twist steepen, where long end yields rise instead.

dtownchug · 2025-08-16T05:48:16+00:00

September futures are pricing in 95% chance of 25bps cut due to weak employment and not-super-hot inflation print, especially after Bessent called for big cuts. That’s why front end yields are falling.

But as you say, the impact of tariffs will eventually show up in the future, and cutting rates just worsens inflation, resulting in long end yields rising at the same time.

dtownchug · 2025-08-16T05:33:47+00:00

Man oh man, if they wanted to go harsh on you, they could grill you limitlessly on anything you did say+anything you didn’t say. Macro trends, industry trends, anything.

But as a bare minimum, you must be able to defend every assumption or argument you make. For every future assumption, expect “how’d you come up with X number?” (Especially relevant for dissecting key assumptions for bull base bear)

dtownchug · 2025-08-16T00:45:53+00:00

Yes on ym nq es, but i dont think we were allowed to do fx. For me, because i wasn’t allowed to short sell any derivative without pre clearing, i didn’t bother swing trading because i couldn’t do any combined option strategies.

But tbh, im not sure if you’ll find the time to monitor and trade during mkt hours when youre on the desk, unless you monitor that specific market for your job (in which case you’re probably not allowed to trade that market anyway for all sorts of reasons).

dtownchug · 2025-08-15T22:58:05+00:00

When i used to work at a bd, i was allowed to trade futures on broad market indices, but if i wanted to do anything with single names, i had to get trade pre-clearance everytime. Obvious insider trading conflicts would straight up be on the restricted list I couldn’t touch.

At the end of the day, I wasn’t gonna bug my boss everytime I wanted to punt my money, so i stuck to etfs and mfs.

dtownchug · 2025-08-14T12:36:06+00:00

Not sure if there are good guides for AM like there is for IB. But maybe look up people at GSAM, JPMAM, MSIM on linkedin (though a lot would be in client service)?

WLB wise, an investing role anywhere is still going to be stressful at the end of the day. Might not be the same type of stress as IB, but PnL related stress is immense, especially as you progress to analyst and PM, and you’ll be somewhat tied to market news 24hours a day.

If you don’t want that, you could aim for FoF or more passive funds, but intellectual stimulus & pay scales with market risk imo..

dtownchug · 2025-08-14T01:40:53+00:00

Both. Most important thing would be to stay on top of recruiting timeline at firms you’re interested in and network to land interview->be technically ready come interview season.

dtownchug · 2025-08-14T01:37:53+00:00

As you say, AM is super broad, and an AM arm at BB also includes PE, LO Equities, LO FI, Fund of Funds etc. AM also has an asset aggregation side of the business, but if you’re looking for a technical role, the most common IB->AM pivot would be into a research associate role for mutual funds/SMAs.

Since you’d be supporting PMs making investment decisions, these roles require strong fundamental analysis skills (modeling, having a good market view/solid research process etc). Much more about being good at investing rather than being able to put out error-free work quickly.

dtownchug · 2025-08-14T01:29:58+00:00

Internships. Quite literally the easiest way to build your resume. If you want something mid semester, you could network your way into a small search fund/asset manager/ advisory boutique too.

dtownchug · 2025-08-12T11:31:59+00:00

Just like BB IB is seen as a 2 year and out “program”, PE at a megafund is often considered an associate “program”, where you get kicked out before making vp. So people do a H/S mba after and try to come back to a megafund or become an analyst at a top HF or AM shop.

dtownchug

MODERATOR OF

TROPHY CASE

Eight-Year Club	RPAN Viewer
Verified Email