Credit Analyst

Recruiter
Miryco Consultants Ltd
Location
London, United Kingdom
Salary
65k - 75k
Posted
14 Nov 2022
Closes
15 Nov 2022
Ref
15542878
Job Function
Credit Analysis
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
Miryco Consultants are assisting in the recruitment of a Credit Analyst for a firm in the process of increasing the proportion of public bonds that are managed internally, including fundamental credit coverage. As such, the Credit Team is expected to grow and play a major role in making internal management successful. The majority of the credit analyst's time will be dedicated to internally managed assets. As a member of the Investments Team, the credit analyst (the analyst) will be part of the team responsible for (1) monitoring existing bond exposure (internally and externally managed), (2) performing fundamental credit analysis on new investment opportunities (sourced internally and externally) and (3) articulating executable investment recommendations for all public bonds and private loans. The analyst is expected to cover about 40 investment grade issuers across several sectors.

Responsibilities:

Internally managed assets - public corporate bonds:

  • Formulating fundamental credit recommendations for each existing exposure and new bond investment.
  • Maintaining updated and standardised 1-pagers for each asset within the portfolio.
  • Keeping financial models live and updating the team after each earnings release.
  • Maintaining an up-to-date buy list, including fundamental credit recommendation (internal rating view), relative value assessment, preferred tenors and positioning within the capital and corporate structure.
  • Maintaining an updated watchlist and informing the team of any news that may change an investment recommendation.
  • Writing sector and issuer reports to be presented to relevant committees, including the Credit Committee.
  • Liaising with Finance to respond to corporate actions in a timely manner.
  • Assisting other members of the Investment Team or any other team in matters related to bond exposure.


Externally managed assets:

  • Public bonds - the analyst is expected to form, most often under tight deadlines, a credit view on issuers, with a focus on assessing attractiveness of the sector and credit rating stability (the analyst will be encouraged to engage with external asset managers).
  • Private loans - although the fundamental credit work will be done by external asset managers, the more flexible timeframe means that the analyst is expected to have a deeper involvement and engage more extensively with them. The analyst will form a view in terms of current and expected credit rating, issuers' business plans, and structure of transactions (e.g. security and covenant packages).
  • All those assets will be monitored through a monthly credit watchlist the analyst will produce for credit committee and regular credit updates during weekly investment team meetings


Skills and Knowledge:
  • 4 to 7 years in a credit research or analyst position.
  • Strong focus on fundamental credit research.
  • A generalist profile would be preferable but past exposure to financials would be a plus.
  • Good knowledge of Bloomberg functions, including bond pricing, ratings, news alerts, portfolio set up and issuances.
  • Good knowledge of rating agencies' rating approaches and ability to use their rating methodologies to perform internal ratings.
  • Understanding of bond prospectuses and ability to capture relevant information.
  • Basic knowledge of the SII framework for insurers would be seen as a strong positive, although not essential.


Salary: £65,000 - £75,000

Bonus: 30%

"Please note, should you not be contacted within five working days of submitting your application, then unfortunately you have not been shortlisting for this position. We will, however, be in touch should there be any other opportunities of potential interest suiting to your skills."

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