A successful and progressive investment management business is looking for a commercially astute Credit Analyst to join their highly performing Global Credit team.
The Credit team manage a range of innovative credit strategies and boasts an impressive track record. They take a global investment view, with Analysts covering large companies within given sectors, covering both Investment Grade and High Yield issuers. This role will examine an array of Corporates across a variety of sectors, including Consumer, Retail & Leisure, Healthcare and Real Estate, assessing value across a range of debt instruments (e.g., cash bonds, CDS, loans, etc).
The Portfolio Manager expects the Analysts to be able to generate quality investment ideas on Corporate issuers, as well as offering commercial judgements on the credit security selection to maximise investment returns. Analysts have considerable influence as to what securities go in the portfolio and their work has a genuine influence on performance. The successful individual must be able to demonstrate confidence in their analytical skills, present their ideas well and be able to represent the firm in a variety of situations, including management meetings, investor conferences, Sell-side meetings, etc. Experience in integrating ESG factors in to investment thinking would also be highly advantageous.
Role & Responsibilities
- Initiate credit research coverage and follow a group of global Corporate issuers, in collaboration with senior colleagues and Portfolio Managers.
- Assess and value the credit and ESG risks of issuers for the purpose of investing in a suite of IG & HY credit products, through a variety of securities, including bonds, credit default swaps and loans. Make investment recommendations for portfolio positioning and alpha-generating trades (e.g., pair, curve, capital structure) as credit risks and/or values change.
- Analyse the main ‘top down’ macro-economic and market influences affecting the credit and ESG profile of covered Corporates and the valuations of their various credit instruments.
- Research sector and issuer-level news, earnings and other events on a daily basis and analyse their effects on their valuations of various credit instruments. Engage with company management / Investor Relations to develop views on issuers. Maintain financial models, comparable tables and relative value spreadsheets (e.g., within the capital structure and among peers and across credit instruments).
- Assign investment and ESG scores and proactively make recommendations for trades and to changes to portfolio positioning based on changes in either credit risks, valuation, or anomalies in the market.
- Maintain an active dialog with other Analysts, PM and Traders in order to react to changes in news and events.
- Collaborate with Equity teams on sectors and companies, and other investment teams across the firm on engagement activity as appropriate.
- Contribute to the firm’s body of public commentary and investment content and output.
Skills & Experience
- Clear and demonstrable market experience in credit research, preferably gained at a leading Buy-side organisation, although Investment Banking / Sell-side research and Rating Agency backgrounds would be considered. Likely to have a minimum of 3-5 years of experience. Experience of making relative value investment calls is ideal.
- A proven record of analysing investment opportunities across different currencies and geographies, including European, North American and Emerging Market issuers, together with a high degree of familiarity with different credit securities, including bonds, loans and credit default swaps.
- Knowledge of, and belief in, ESG factors and how the integration of these can aid strong investment decisions.
- Highly numerate with the ability to develop and maintain detailed financial analysis and valuation models (in Excel).
- Excellent communication skills, both written and oral, combined with the ability to present ideas with confidence and conviction.
- CFA and /or MBA would be ideal but are not required.
This is a top team with a growing credit platform, offering an opportunity to take increasing levels of responsibility for investment selection within portfolios.
Please note that, due to the volume of applications, only successful applicants can be contacted.