Credit Research Analyst

Credit Research Analyst

Location: London (hybrid 50%)
Contract: Permanent
Hours: 35 hours

Purpose

Just is 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 will be part of the team responsible for monitoring existing bond exposure (internally and externally managed), performing fundamental credit analysis on new investment opportunities (sourced internally and externally) and 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.

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 – form a credit view on issuers, with a focus on assessing attractiveness of the sector and credit rating stability (often under tight deadlines). Encourage engagement with external asset managers.
• Private loans – deeper involvement with external asset managers, form a view on current and expected credit rating, issuers’ business plans, and transaction structure (e.g., security and covenant packages).
• Produce a monthly credit watchlist for the Credit Committee and provide regular credit updates during weekly investment team meetings.

What We’re Looking For

• CFA (or progression towards).
• Several years in a credit research position (publishing ideally) at a sell- or buy-side institution such as investment banks, commercial banks, asset managers or rating agencies.
• Strong focus on fundamental credit research.
• A generalist profile is preferable; past coverage of utilities, consumer non-cyclical, or financials is a positive.
• 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.
• Accuracy, autonomy, attention to detail, intellectual curiosity, strong verbal and writing skills and deliverability under tight deadlines are valuable.
• Team spirit and collaboration are essential.
• Basic knowledge of the SII framework for insurers is a strong positive, although not essential.

What’s In It For You

• A competitive salary, pension scheme and life assurance.
• 25 days annual leave plus an additional day on your birthday.
• Private medical cover and income protection.
• A generous and highly achievable bonus scheme.
• Opportunities to progress your career in role and within the company.
• Free access to the Headspace app, 24/7 employee assistance helpline and trained physical and mental health first aiders.
• A variety of employee funded benefits available via our online benefits portal.
• Additional purchase options available for you and your loved ones.

Application Details

Please submit your CV using the \\\”apply now\\\” button. Shortlisted candidates will be contacted regarding next steps which may include an initial phone interview and in-person assessment.

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