Debt Origination Associate in London

Pension Insurance Corporation (PIC) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

PIC is recruiting for a Debt Origination Associate to join its PIC Capital department, PIC's wider private asset origination business that operates across various private markets. The Debt Origination function contributes to the overall success of the business by sourcing, structuring and investing in off-benchmark investment grade debt, and has invested more than £12 billion over a decade in areas like structured finance, social housing, higher education, infrastructure, renewable energy, corporates, financials, and other public sectors.

In this exciting and varied role, you will support the origination and execution of investment grade private debt opportunities across a range of sectors with a particular focus on Public Finance and Corporates.

Specific accountabilities assigned to the role of Debt Origination Associate within the Debt Origination team:

• Supporting with sourcing, analysing, pricing, and structuring investment grade private debt opportunities across a range of sectors that are suitable for an insurance company to match long-dated liabilities, with a particular focus on Public Finance and Corporates.
• To conduct thorough financial analysis and due diligence on potential investment opportunities (with oversight from senior team members); this includes areas such as initial deal screening, analysis of key risks and mitigants, pricing and relative value analysis, analysis of financial performance, and review of commercial terms and legal memos.
• Preparing detailed credit papers incorporating the analysis and due diligence undertaken and setting out the investment rationale; presenting these to Credit and Investment Committees (with oversight from senior team members).
• Collaborating with stakeholders across the business including Credit Research, ALM, Market Solutions, Legal, Risk, Responsible Investing, and Finance Actuarial, to ensure they are included in any new deal and that investments are well understood.
• Supporting with reviewing and scrutinising all relevant due diligence documentation to ensure the risks of the transaction are documented and understood.
• Keeps informed of industry trends, market developments, regulatory changes in the private debt space and relevant sectors, by attending industry seminars, reading and sharing relevant published articles.
• Working with the wider Debt Origination function on live transactions and projects across various sectors depending on needs and pipeline.
• Seeks to take ownership for their own learning and development in both technical and non-technical skills of private debt origination, particularly around deal pricing and insurance regulation.
• Assist the wider team on strategic projects internally and externally as required.

Experience:

• Recognised qualification in relevant subject matter or strong employment record in a relevant front-office role.
• Front-office experience working in an insurer/asset manager/pension fund/bank/rating agency or advisory firm with a focus on debt investing.
• Basic experience in reviewing loan / bond / private placement documentation.
• Experience in managing internal and external stakeholders of varying seniority, and presenting to internal stakeholders.

Knowledge:

• Basic understanding of private debt/credit markets, in areas such as credit ratings, debt structures, and sector risks, with a particular focus on corporates and public finance sectors.
• Strong understanding of financial statements and ability to undertake financial analysis.
• Basic understanding of interest rates/ curves/ cash flow discounting.
• Ability to model cashflows for private debt transactions.
• Basic understanding of foreign currency assets, inflation, and derivatives.

Skills:

• Displays a proactive mindset and a strong commitment to delivering high-quality results.
• Strong sense of teamwork and ability to work collaboratively.
• Strong organisational skills and attention to detail.
• Strong communication and presentation skills (oral and written), in particular ability to present complex ideas clearly and succinctly.
• Ability to network and build relationships with internal and external stakeholders.
• Advanced MS Office skills, particularly in Excel.
• Basic Bloomberg skills.
• Ability to thrive in a fast-paced, dynamic environment and handle multiple projects simultaneously.
• Openness to taking feedback and learning from it.

At PIC, we believe that true innovation stems from embracing diverse perspectives, backgrounds and experiences. We are committed to building a workplace where every individual, regardless of race, gender identity, sexual orientation, disability, age, religion, or socio-economic background, feels valued, heard and empowered to succeed. We hold ourselves accountable through ongoing initiatives, such as inclusive hiring practices, and equitable career development opportunities that support belonging and community. While we're proud of our progress, we recognise there's work ahead, and we remain dedicated to listening, learning and evolving together.

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.