The individual will be responsible for producing high quality credit research and monitoring a portfolio of higher yielding European industrial companies. This involves assessing the fundamental credit worthiness of issuers, familiarity with covenant structures, attend due diligence meetings, providing effective research recommendations and bond ratings/ outlooks.
- Conduct corporate credit analysis across the primary and secondary European leverage loan and high yield bond market. Monitor a portfolio of HY and cross-over corporates. Make recommendations to portfolio managers based on its internal rating and relative value portfolio along with detailed
- Develop sector specific expertise (in 2-3 industry sectors allocated)
- Prepare financial models on base and stress case scenarios
- Participate in due diligence meetings with issuers
- Be comfortable with covenant structures in HY documentation and review bond/loan
- Assist senior management in the preparation documents for Credit Committees, credit process and governance documents, and regular credit-related reports
- Contribute to weekly investment committee.
- Publications: Prepare credit opinions explaining key risks and explain economic, competitive, sector and political drivers including covenant structures that impact a borrower's ability to repay its debt. Provide bond ratings, outlooks and investment
- Prepare financial models: Create historical and projected financial models, analysing key financial metrics to differentiate improving from deteriorating credits. Provide benchmarks against peers.
- Communication: Host conference call with PMs/ Head of Investments to communicate views.
- Excellent Analytical Skills - The candidate should be able to analyse companies, industries, and situations both from a fundamental perspective and in a relative value context.
- Strong communication skills - The candidate should be able to express his opinion via clear written opinions which is well supported by data. Strong verbal communication & presentation skills are
- Credit and structuring and legal skills - Ability to identify structural and legal weaknesses of bond
- Experience and judgement - The analyst should have worked in a credit market environment in a buy side or sell side role or with a major rating agency covering European high yield credits for 5-7 years. Ability to exercise sound judgement.
- Self-Starter: Needs to be curious and questioning to challenge the obvious to develop a well thought out investment thesis. Candidate should be quick, flexible and responsive with a keen eye for detail.
- Languages: Fluent in English. Preferably fluent in French and/or German
- Undergraduate degree plus MBA, CFA (or similar)
- 5+ years corporate HY credit research experience
- Experience in analyzing financial statements