Sales and trading · Credit

You spend 10 weeks on the desk that buys and sells bonds issued by companies and banks, for investors who want to trade them. Credit here means debt. A corporate bond is a loan to a company cut into pieces that investors can buy and sell. The desk covers investment grade bonds from the safest borrowers, high yield bonds from riskier companies that pay more interest to make up for it, and emerging markets credit from companies and banks in developing economies. The summer opens with a week of technical training on the bank's products and markets.

This is different from debt capital markets, the team that helps companies issue new bonds. This desk trades bonds that already exist.