Credit Research Analyst

Just Group plc; England; Hybrid; GBP 60,000 - 80,000; Full time

Benefits offered by this job

Competitive salary

Pension scheme

Private medical cover

Generous bonus scheme

25 days annual leave

Access to Headspace app

Employee assistance helpline

Job summary

A leading financial services company in the UK seeks a Credit Research Analyst to join its team. This mid-senior level position involves monitoring existing bond exposures and performing fundamental credit analysis on new investment opportunities. The ideal candidate will have several years of experience in credit research, preferably at buy-side or sell-side institutions, and should demonstrate strong attention to detail and team spirit. Competitive salary and benefits are offered including bonuses and career progression opportunities.

Qualifications

• Several years in a credit research position, ideally publishing.
• Good knowledge of rating agencies' approaches.
• Understanding of the SII framework for insurers is a strong positive.

Responsibilities

• Monitor existing bond exposure.
• Perform fundamental credit analysis.
• Articulate executable investment recommendations.
• Maintain an up-to-date buy list.
• Write sector and issuer reports.
• Produce a monthly credit watchlist.

Skills

CFA (or progression towards)

Credit research experience

Knowledge of Bloomberg functions

Understanding of bond prospectuses

Attention to detail

Team spirit and collaboration

Job description

Credit Research Analyst

Company: Just Group plc

Location: London – hybrid 50%

Contract: Permanent

Hours: Full time – 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:

Key responsibilities

• 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 – the analyst is expected to form, most often under tight deadlines, a credit view on issuers, with a focus on assessing attractiveness of the sector and credit rating stability (the analyst will be encouraged to engage with external asset managers)
• Private loans – although the fundamental credit work will be done by external asset managers, the more flexible timeframe means that the analyst is expected to have a deeper involvement and engage more extensively with them. The analyst will form a view in terms of current and expected credit rating, issuers’ business plans, and structure of transactions (e.g. security and covenant packages)
• All those assets will be monitored through a monthly credit watchlist the analyst will produce for credit committee and 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) in a sell- or buy-side institution, such as investment banks, commercial banks, asset managers, rating agencies
• A generalist profile would be preferable; past coverage of any of the following sectors will also be seen as a positive: utilities, consumer non-cyclical and financials
• 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 details, intellectual curiosity, strong verbal and writing skills and deliverability under tight deadlines are very valuable attributes to have in order to be successful in this function
• Team spirit and collaboration are essential
• Basic knowledge of the SII framework for insurers would be seen as 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 us for your birthday
• Private medical cover and income protection, just in case
• 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
• Plus, several additional purchase options available for you and your loved ones

Seniority level

Mid-Senior level

Employment type

Full-time

Job function

Other

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