buy-side credit analyst like, management, experience, investment

edgeon

I've got an interview coming up with a firm that does bottom-up value investing on corporate bonds. I don't have experience in fixed income investment management. I'm trying to get a better handle what makes a corporate bond "cheap" and what types of quantitative screens people look at.

Is it all just based on yield spreads on treasuries, like company X has a 5-year bond that's trading at a spread of 4% on the treasury, typically it's only 2%...etc.?

Is there anything else people look at besides yield or some relative value analysis to find an attractive bond from a value-investor perspective? This would be focused specifically to investment grade only.

Appreciate any insight or advice.