European High Yield Analyst

Job Purpose

Primary responsibility for named sectors. Contribute to investment decisions in high yield bond portfolios inline with stated investment objectives, guidelines, and risk/return targets. The primary output is regular and timely internal publication of credit research reports.

Key Accountabilities

• The analyst will be expected to produce detailed financial models, new issue write-ups, and clearly articulate investment recommendations to the rest of team. Analyst will also be responsible for monitoring assigned industries and understanding broader sector trends.
• Proactively manage assigned sectors and effectively communicate investment recommendations. Communication must include a clear recommendation, underlying investment thesis including risks and mitigants, relative valuation
• Contribute to investment decisions and provide recommendations across all High Yield strategies within stated investment objectives, guidelines, and risk/return targets.
• Ensure views are communicated within the team and wider AXA IM community. Be aware of existing positions in portfolios. Assist in monitoring that holdings (and omissions) are consistent with changing views and valuations as part of the team-based approach.
• Develop relationships with sell side analysts and company management

Education/ Qualifications

• Degree
• CFA preferred

Experience

• Experience in European credit / high yield
• Experience conducting business due diligence, producing detailed financial models, analysing historical financial statements, reviewing capital structure, forecasting financials and liquidity, producing new issue write ups.
• Evaluating corporates on their ESG credentials and commitment towards attaining Net Zero status
• The analyst will be expected to produce detailed financial models, new issue write-ups, and clearly articulate investment recommendations to the rest of team. Analyst will also be responsible for monitoring assigned industries and understanding broader sector trends.

Skills / Knowledge

• Strong analytical skills including modelling
• Good understanding of high yield covenant packages.
• Strong understanding of market risk and an ability to identify key risks and any mitigants at corporate and sector level.
• Understanding of and interest in macro-economic and geo-political factors.
• Excellent written and verbal communication skills
• Good working knowledge of Bloomberg.

Competencies

• Self-starter with a proactive "can do" attitude
• Ability to work collaboratively within a team in addition to working independently
• High level of attention to detail