High Yield Research in London

The European High Yield Research team is looking for an Associate to join the team in London. This is a publishing research role offering broad exposure across the European leveraged finance market and the opportunity to work alongside senior analysts covering a diverse range of sectors. You will contribute to the team's fundamental credit research, financial modelling and published investment views. The role combines detailed company and industry analysis with the ability to translate complex financial and credit information into concise, differentiated and actionable research for institutional investors.

What we’ll offer you:

• Hybrid Working - we understand that employee expectations and preferences are changing. We have implemented a model that enables eligible employees to work remotely for a part of their working time and reach a working pattern that works for them.
• Competitive salary and non-contributory pension.
• 30 days’ holiday plus bank holidays, with the option to purchase additional days.
• Life Assurance and Private Healthcare for you and your family.
• A range of flexible benefits including Retail Discounts, a Bike4Work scheme and Gym benefits.
• The opportunity to support a wide ranging CSR programme + 2 days’ volunteering leave per year.

Your key responsibilities:

• Conduct fundamental credit analysis of European high yield issuers, assessing operating performance, business models, cash generation, liquidity, leverage and refinancing risk.
• Build and maintain detailed financial and credit models, forecasting revenue, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).
• Analyse capital structures and debt documentation, including bonds, loans, revolving facilities, maturity profiles and key covenant considerations.
• Contribute to published research, including earnings updates, company and sector reports, new-issue analysis, thematic research and event-driven commentary, incorporating insights from results, management interactions, regulatory developments and corporate actions.
• Develop relative-value analysis across issuers and capital structures, balancing fundamental credit risk, catalysts and valuation, while supporting senior analysts across sectors.
• Maintain robust databases ensuring research meets applicable quality, compliance and regulatory standards.

Your skills and experience:

• Relevant experience in credit research, leveraged finance, investment banking, asset management, equity research, corporate finance, auditing/accounting, or a related analytical role; European leveraged finance or high yield experience is advantageous.
• A good understanding of financial statements, accounting and cash-flow analysis, with the ability to identify the factors most material to an issuer’s credit profile.
• Financial-modelling skills, including integrated forecasting of EBITDA, free cash flow, liquidity, leverage, interest coverage and debt capacity.
• Ability to understand complex capital structures, including high yield bonds and leveraged loans, numerical and attention-to-detail skills.
• Advanced Excel proficiency and a relevant bachelor’s degree or equivalent; familiarity with Bloomberg, FactSet or similar platforms.
• Proven ability to leverage AI tools to enhance productivity, optimise workflows to solve business problems, while applying critical judgment to ensure responsible and ethical use of data and AI outputs.

How we’ll support you:

• A culture of continuous learning to aid progression.
• A range of flexible benefits that you can tailor to suit your needs.
• We value diversity and as an equal opportunities’ employer, we make reasonable adjustments for those with a disability such as the provision of assistive equipment if required (e.g. screen readers, assistive hearing devices, adapted keyboards).

Deutsche Bank is the leading German bank with strong European roots and a global network. We strive for a culture in which we are empowered to excel together every day. This includes acting responsibly, thinking commercially, taking initiative and working collaboratively. Together we share and celebrate the successes of our people. Together we are Deutsche Bank Group. We welcome applications from all people and promote a positive, fair and inclusive work environment.