Associate, Credit Analysis

ICG FMC Limited; Greater London; On-site; GBP 70,000 - 110,000; Full time

Job summary

ICG FMC Limited in London seeks an Associate, Credit Analysis to manage a portfolio of credits in the leveraged loan and high yield markets. You will assess new opportunities, read offering memoranda, run financial models and support the investment committee with robust analysis and recommendations.

The role requires 3+ years in European markets, strong analytical and communication skills, and the ability to collaborate with portfolio managers and traders globally.

Qualifications

• Experience in European markets with 3+ years in Leveraged Loans or High Yield Bonds.
• Strong financial modelling and portfolio analysis skills.
• Ability to read and reason about Offering Memoranda and DD reports.

Responsibilities

• Credit assessment of new opportunities in leveraged loans and high yield markets.
• Engage with management teams for Q&A and perform company SWOT analyses.
• Develop financial models, benchmark analyses and portfolio monitoring.
• Prepare investment papers and deal screens for Investment Committee.
• Support fundraising and data collection for portfolio reviews.

Skills

Analytical

Communication skills

Financial analysis

Education

BSc in Finance, Accounting, Economics, Business Admin, Political Science

Job description

Job Title: Associate, Credit Analysis

Contract Type: Permanent, full-time Location: London, St Pauls Department: European Liquid Credit

What the Hiring Manager says….

‘This is an exciting opportunity to join an energetic team that focuses on investing in liquid high yield and loan markets. You'll be in charge of managing a portfolio of credits, providing recommendations to the investment committee, and striving to maximize investor returns in the secondary market. When you join us, you'll need to work closely with portfolio managers, traders, other analysts, and professionals from ICG around the world. Having an investor mindset is crucial.’

Summary of our opportunity

ICG’s Credit Fund Management (“CFM”) business is a sub-division of Intermediate Capital Group which invests across liquid capital markets. CFM was originally launched in 1999 and we were one of the first European CLO managers. The division now manages a range of both market-value liquid funds and CLOs, all accessing sub- investment grade debt in Europe, North America and Australia, with teams based in London, New York and Sydney. CFM’s AuM is US$19 Bn, about 15% of the total firm AuM of US$126 Bn (as at 31 March 2026). The European team consists of 17 investment professionals of which 12 are sector focused credit analysts. Our investment style is to take a fundamental, bottom-up approach to credit analysis in order to identify opportunities and overlay relative value view in portfolio construction. You will be responsible for assessing the credit quality of new investment opportunities in the leveraged loan and high yield bond markets, and for ongoing monitoring of existing investments. We also use AI tools to support our investment analysis and research. Depending on pre-existing skillset and experience, additional training will be provided to support the performance of the role.

Primary responsibilities for this role include (but are not limited to):

Credit Assessment – New Opportunities Reading Preliminary Offering Memoranda and Due Diligence Reports Meeting management teams for 1-1 Q&A Company SWOT analysis Sector analysis Financial modelling, analysing, and interpreting financial information Assessing credits against benchmarks and/or peers Combining all of the above in order to reach a conclusion / recommendation, to be presented to Investment Committee (“IC”) in the form of: Deal screeners, to assess the opportunity at an early stage and discuss areas for further investigation; Investment papers with fully developed and critical analysis of the investment opportunity. Monitoring of Existing Portfolio Covering between 20-30 names on an ongoing basis and building a coverage list based on deal flow and secondary opportunities Building relationships with management teams of portfolio companies Relative value assessments for loans and bonds, with ideas presented ad hoc or in weekly Relative Value meetings (in-house training provided) Providing quick updates to Portfolio Managers upon release of financial results and news updates, and then following up with more detailed analysis and conclusions Providing forecasts/expectations for upcoming results and relating them to market consensus estimates where appropriate Maintaining monitoring models of current coverage names which incorporate historic data and forecasts Uploading financial and other data and commentary to the proprietary CFM database (in- house training provided) Running scenario/sensitivity analysis as required Regularly monitoring peers for relevant news and results, and for potential secondary trade opportunities Contributing to Quarterly Portfolio Reviews as required Fundraising / Data Collection and Analysis Collection and analysis of portfolio data including ESG materials Providing support to the Portfolio Managers and Marketing & Client Relations as required Building and developing relationships with arrangers, sponsors and other analysts Assisting with marketing materials as required Meeting with investors/potential investors as required as part of the analyst team Legal Documentation Reviewing legal documentation (Term Sheets, loan agreements) to identify key terms (Training/external resources are available if required)

Key Requirements/ Qualifications

You will have demonstrable experience of: Experience: Any European market - 3+ years in any of: Leveraged Loans, High Yield Bonds, Accountancy Qualifications: BSc in Finance, Accounting, Economics, Business Admin, Political Science or similar. Past organizations: PE & Asset Managers with €1bn + AUM, Tier I Banks, Tier I Consulting firms, Ratings Agency and Accountancy Personal Attributes Personal attributes that will make you successful in this role include but are not limited to: Analytical: Good attention to detail, diligent and well-organised Communication skills: An ability to influence others and obtain buy-in; an ability to establish relationships with management teams of portfolio companies Enthusiastic, passionate and driven Trustworthy and respectful

Our Global Benefits Framework is centred around these 3 key attributes:

• Wellbeing - Supporting your mental, physical and financial wellbeing as well as your lifestyle needs.
• Inclusivity – Fit for purpose and competitive, no matter who or where you are.
• Longevity – Long Term and sustainable in design.

Inclusion is one of ICG’s key values and we are committed to creating an equitable and inclusive workplace for everyone. By welcoming different perspectives, we strengthen ICG’s performance, enrich decision-making and contribute to better outcomes for our clients, colleagues, and the markets we serve. Accordingly, our recruitment processes provide equal employment opportunities to all applicants and employees, regardless of age, ethnicity, disability, sex, gender, sexual orientation, religion, or any other characteristic protected by local law. We are equally committed to delivering an inclusive and accessible candidate experience.

If you require information in an alternative format, additional time for assessments, an adjusted interview schedule, or any other support during the recruitment process, please let us know.

Our Purpose

Creating value by providing capital to help businesses develop and grow through private and public markets

Our Vision

Global leadership in alternative asset management, focusing on a core set of outstanding products and creating value for shareholders, clients and employees

Our Culture

Our culture centres around long-term relationships with a wide range of stakeholders; sustainable investment excellence; and a world class team demonstrating integrity, diversity and collaboration