Best Books and Reading for a career in Structured/Securitized Products (ABS/MBS/etc)?
Starting in an SPG position this summer and would love to do some reading before then. What resources have you found helpful?
Thanks!
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Are you going to be sitting on a specific desk (i.e RMBS or ABS, or high level SPG sales?) my answer doesn’t change much in any case
I have a feeling that people will recommend Fabozzi books. I personally think that’s overkill, especially for a summer internship (this is coming from an associate responsible for training / working with the summer interns). I think you should read rating agency presale reports for the assets you are going to be covering…
Covering RMBS? Read a presale report for different asset classes such as prime Jumbo, rated RPL, Non-QM, etc…. ABS - auto, equipment finance etc.
Pre-sale reports give good information on the asset class, the transaction structure and the issuer.
Additionally, spend the time now honing your excel skills. Don’t waste your time on a fabozzi book for an internship
Thanks for the advice and the recommendations, I appreciate it.
Not sure exactly what desk I'll be sitting on but I believe I'll be rotating through different ABS and MBS desks so quite a wide breadth.
When you say "excel skills" what level of proficiency do you expect? What level would make an intern stand out? I know a decent amount of formulas and shortcuts, but I'm not sure what proficient would mean.
Thanks again!
https://www.wiley.com/en-us/Modeling+Structured+Finance+Cash+Flows+with…
Good book here ^ that others have recommended for securitization. I'd also recommend reading the CFA L1 chapter on ABS, other people have suggested doing this for interviews or before hitting the desk, it's only one chapter so it wouldn't waste time, it sits within Fixed Income
But listen to the associate above lol
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