Fixed Income & Credit Research Services

Global investment bankers and sell-side firms leverage our comprehensive fixed income research experience in preparing deep-dive credit reports, building cash flow models, reviewing earnings, charting, and presenting support.

• Fixed income and credit research services that facilitate the cash flow modeling for investment-grade, high-yield, and distressed debt, which include setting up projections, capital structure, covenant, recovery, waterfall, asset valuation, and scenario and sensitivity analysis.
• Rating model, leveraged buyout, and relative bond valuation.
• Credit report/memo with and without trading recommendation.
• HY bond comps, charting, and presentation support.
• Monitoring coverage through earnings review.
• Credit strategy and thematic reports.
• Daily news monitoring and periodicals.
• Issuer-paid research to enhance visibility in the investor and analyst circle.
• Prepare earnings review to monitor coverage, prepare marketing periodicals, and daily/weekly/monthly newsletters.

Asset managers take advantage of our expertise in expanding & monitoring portfolios and generating trading ideas across geographies entailing Chinese and Latin American issuers.

• Generate trade ideas by developing customized screeners to reflect client’s preferred investment criteria, e.g., valuation, ESG scores, leverage, etc.
• Provide cash flow modeling for high-yield, investment-grade, and distressed debt instruments.
• Recommend actionable investment ideas through credit notes, which include relative value analysis.
• Consistently monitor events, including new issue notes and earnings, to actively manage the investment portfolio.
• Support in strategy and monthly CIO newsletter with morning credit briefing.
• In-depth analysis and structured reports for CLO, CDO, ABS, and synthetics.

We are experts in evaluating private creditworthiness, supporting due diligence, and providing technical inputs to facilitate better investment decisions across fixed-income products such as direct lending, structured debt instruments, privately placed bonds, and distressed debts.

• Screening of target for PE-backed, middle-market, and owner-operated firms.
• Financial spreading of unstructured data into structured form with adjustments to determine key credit ratios, variance analysis, capital structure, covenant testing, etc.
• Monitoring the performance of operations of the portfolio companies and preparing performance dashboards along with attribution analysis.
• Producing credit memo/due diligence reports having extensive content on financial and business profiles, industry performance, risk factors, and mitigants.
• Compensation analysis and profiling of the management.
• Industry sizing and research reports for start-ups and companies in niche markets such as biotech, fintech, etc.

We assess credit risk by preparing credit memos and constructing financial models for 2,000+ counterparties on specific templates mandated by the bank.

• Origination and underwriting support.
• Financial spreading, collateral assessment, and writing credit memos and surveillance notes.
• Determining qualitative rating criteria for leveraged and asset-based loans.
• Counterparty credit reviews or assessments of municipals, banks, brokers/dealers, and corporates.
• Covenant monitoring and testing, and repayment ability analysis.

Our qualitative and quantitative macroeconomic research offerings facilitate cross-asset allocation strategies and are consumed by wealth managers, investment bankers, brokerages, banks, and others.

• Preparing daily macro and credit market outlook.
• Drafting monthly, quarterly, semi-annual, and annual economic periodicals, including the outlook on equities, fixed income, FX, and commodities.
• Sovereign analysis, rate analysis, thematic reports, and geopolitical insights.
• Econometric modeling with stress testing and scenario analysis.