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The companies Credit Research team undertakes corporate credit analysis of a wide universe of non-government bond issuers – private companies, supranational agencies and securitised structures. Their aim is to two fold: to provide benchmark beating performance to their active portfolio managers and Buy & Maintain credit names to theirr Buy & Maintain portfolio managers, by providing both accurate fundamental credit research and relative value recommendations.
Overview of role
The EMEA team requires additional research resource for fundamental credit research into bond issues and issuers for Buy & Maintain mandates. In particular, long dated sterling based mandates such as pension scheme and insurance clients, where their portfolios are designed to cashflow match vs their liabilities, and aim to hold bonds to maturity.
The role will cover credit issuance in Sterling and private placements, forming a medium term view on each. Surveillance on larger, more stable GBP issuers will also be required. Due to their size and structure, these are more suited to the Buy & Maintain portfolios than for the active fixed income portfolios and the analyst is expected to form a strong relationship with the Buy & Maintain Portfolio Managers, and will also have external facing activities such as meeting consultants,pitching for new business and client meetings.
The core of the role is to be able to analyse and understand:
1) The legal structure of the securities;
2) The business risk profile of the business;
3) The financial risk of the company.
An overall assessment of risk and valuation of that risk will then be communicated to the companies Buy & Maintain and active credit PMs using our proprietary framework. The successful candidate will be expected to work as part of a team with their entire desk to generate investment ideas and especially closely with Head of EMEA Credit Research.
A strong academic record is essential for this role.
A first degree or upper-second with post-graduate degree and/or demonstrated progress through the CFA (or equivalent) system must be demonstrated.
Particular attention will be paid to demonstrated research in educational history and/or previous work experience.