Associate, Credit Analysis

Intermediate Capital Group; Greater London; On-site; GBP 90,000 - 120,000; Full time

Job summary

Intermediate Capital Group is seeking an Associate in Credit Analysis to join the London team. You will assess credit quality of new opportunities in leveraged loans and high yield bonds, conduct due diligence, and prepare investment papers for the Investment Committee.

You will monitor existing portfolio names, run financial models, and collaborate with portfolio managers and traders worldwide. You'll use AI tools to support analysis and participate in sector and company reviews, with training

Qualifications

• Experience in European markets (3+ years) in Leveraged Loans or High Yield Bonds.
• BSc in Finance, Economics, or related field.
• Strong analytical and financial modelling skills.

Responsibilities

• Credit assessment of new opportunities in leveraged loans and high yield bonds.
• Reading and assessing Offering Memoranda and due diligence reports.
• Prepare investment papers for Investment Committee with detailed analysis.
• Monitor and report on existing portfolio coverage (20–30 names).
• Collaborate with portfolio managers, traders, and analysts globally.

Skills

Leveraged Loans

High Yield Bonds

Financial Modelling

Credit Analysis

Due Diligence

Portfolio Monitoring

Education

BSc in Finance

Economics Degree

Tools

Excel

Bloomberg

FactSet

Job description

Job Title: Associate, Credit AnalysisContract Type: Permanent, full-timeLocation: London, St PaulsDepartment: European Liquid CreditWhat 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 opportunityICG’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 OpportunitiesReading Preliminary Offering Memoranda and Due Diligence ReportsMeeting management teams for 1-1 Q&ACompany SWOT analysisSector analysisFinancial modelling, analysing, and interpreting financial informationAssessing credits against benchmarks and/or peersCombining 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 PortfolioCovering between 20-30 names on an ongoing basis and building a coverage list based on deal flow and secondary opportunitiesBuilding relationships with management teams of portfolio companiesRelative value assessments for loans and bonds, with ideas presented ad hoc or in weeklyRelative 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 conclusionsProviding forecasts/expectations for upcoming results and relating them to market consensus estimates where appropriateMaintaining monitoring models of current coverage names which incorporate historic data and forecastsUploading financial and other data and commentary to the proprietary CFM database (in- house training provided)Running scenario/sensitivity analysis as requiredRegularly monitoring peers for relevant news and results, and for potential secondary trade opportunitiesContributing to Quarterly Portfolio Reviews as requiredFundraising / Data Collection and AnalysisCollection and analysis of portfolio data including ESG materialsProviding support to the Portfolio Managers and Marketing & Client Relations as requiredBuilding and developing relationships with arrangers, sponsors and other analystsAssisting with marketing materials as requiredMeeting with investors/potential investors as required as part of the analyst teamLegal DocumentationReviewing legal documentation (Term Sheets, loan agreements) to identify key terms(Training/external resources are available if required)Key Requirements/ QualificationsYou will have demonstrable experience of:Experience: Any European market - 3+ years in any of: Leveraged Loans, High Yield Bonds, AccountancyQualifications: 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 AccountancyPersonal AttributesPersonal attributes that will make you successful in this role include but are not limited to:Analytical: Good attention to detail, diligent and well-organisedCommunication skills: An ability to influence others and obtain buy-in; an ability to establish relationships with management teams of portfolio companiesEnthusiastic, passionate and drivenTrustworthy and respectfulOur 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.