Credit Research Analyst

Border to Coast; Leeds; On-site; GBP 60,000 - 80,000; Full time

Job summary

A leading investment management firm in Leeds is seeking an experienced Fixed Income Credit Research Analyst. This role focuses on conducting fundamental credit analysis and collaborating with various teams to enhance investment strategies. Candidates should possess proven analytical skills and a strong understanding of credit risks in fixed income markets. The firm offers competitive remuneration and excellent benefits, including health insurance, generous holiday allowance, and professional development opportunities.

Benefits

Vitality Health Insurance

Professional Development with funded qualifications

Generous holiday allowance of 30 days plus bank holidays

Cycle to work scheme

Life Assurance of 6 times the salary

Range of discounts for Leeds gyms, shops and restaurants

Qualifications

• Proven analytical skills evidenced by completion of the CFA programme or an equivalent professional qualification.
• Strong understanding of credit risk assessment and relative value in fixed income markets.
• Ability to form independent views and communicate them clearly and concisely to influence portfolio outcomes.
• A long-term investment horizon exercising sound judgment, intellectual curiosity, and attention to detail.
• The ability to recognise when unexpected developments require that you change your recommendation.
• Willingness to collaborate with, and learn from, others to develop investment ideas, refine processes, and share constructive feedback.
• Ability to distil a wide range of often conflicting information in a concise and cohesive manner.
• Sound knowledge of Responsible Investment principles.
• Understanding of term sheets, prospectuses and bond covenants.
• Planning, organisation, time and data management and administrative capabilities.

Responsibilities

• Conduct fundamental credit analysis and publish internal research reports.
• Assess new investment opportunities and effectively communicate recommendations.
• Monitor portfolio exposures and prospective holdings in sectors under coverage.
• Participate in investment team meetings and engage with company management.
• Incorporate Environmental, Social and Governance risk analysis into your analytical process.
• Contribute sector expertise to the overall investment strategy.

Job description

Full time : 37.5 hours per week (we welcome flexible working discussions)

An opportunity to make a difference

At Border to Coast our purpose is to make a difference and we're looking for an experienced Fixed Income Credit Research Analyst to join our award-winning team.

As a customer-owned and customer-focused organisation, integrity is one of our values, as are our collaborative and sustainable approach. Our focus is to secure the pensions of over a million people who have provided valuable service to their communities and society. We are the largest UK asset manager outside London or Edinburgh, and we provide innovative investments that deliver sustainable returns over the long term.

Our range of fixed income funds is growing to support our customers needs. That's why we are seeking an experienced Fixed Income Credit Research Analyst to join our investment team based in Leeds. If you are curious and self‑motivated individual who has a passion for learning about a wide variety of industries, countries and markets, then this is an exciting opportunity.

The role

What you'll be doing

Our Credit Research Analysts work closely alongside internal Fixed Income Portfolio Managers and Responsible Investment specialists to build high performing portfolios. Our holdings are predominantly investment grade developed‑market entities although there may be a small number of high yield and / or emerging market exposures to evaluate.

This role offers the opportunity to collaborate on security selection, portfolio construction, and investment strategy. You will work closely with key stakeholders including Fixed Income Portfolio Managers, Portfolio Risk, the Responsible Investment team and Equity Research colleagues to:

• Conduct fundamental credit analysis – publishing internal research reports that demonstrate a clear understanding of the business and its industry and highlighting the relationship between the credit risks assumed and the level of credit spread offered.
• Assess new investment opportunities and effectively communicate recommendations for inclusion in relevant portfolios, most often under tight deadlines.
• Monitor portfolio exposures and prospective holdings in sectors under your coverage, reviewing news flow, earnings, and industry trends and assessing their impact on credit quality and relative value.
• Actively participate in investment team meetings, as well engaging with company management, sell‑side analysts, and other market participants.
• Work closely with Responsible Investment colleagues to incorporate Environmental, Social and Governance risk analysis into your analytical process and overall investment thesis (in line with the Border to Coast Responsible Investment policies), supporting engagement initiatives where appropriate.
• Contribute your sector expertise to the overall investment strategy – share your insights and subject matter expertise to enhance the capability of others and develop our investment culture. Collaborate with Research and Portfolio Management colleagues to highlight macro factors and market dynamics that may impact investment strategy across other sectors and portfolios. Play an active role in constructively and respectfully challenging the information, analysis and logic supporting the recommendations of research team colleagues and the investment approach of PMs.

About you – and the value you'll bring to our team

We are seeking an investment professional with curiosity and a passion for financial markets. To be considered for this role, you will bring relevant credit research experience, whether from banking, private credit, the sell‑side, the buy‑side or a rating agency, and be able to demonstrate:

• Proven analytical skills evidenced by completion of the CFA programme or an equivalent professional qualification.
• Strong understanding of credit risk assessment and relative value in fixed income markets.
• Ability to form independent views and communicate them clearly and concisely to influence portfolio outcomes.
• A long‑term investment horizon exercising sound judgment, intellectual curiosity, and attention to detail.
• The ability to recognise when unexpected developments require that you change your recommendation.
• Willingness to collaborate with, and learn from, others to develop investment ideas, refine processes, and share constructive feedback.
• Ability to distil a wide range of often conflicting information in a concise and cohesive manner.
• Sound knowledge of Responsible Investment principles.
• Understanding of term sheets, prospectuses and bond covenants.
• Planning, organisation, time and data management and administrative capabilities.
• You'll be a pro‑active, self‑motivated team player with the ability to manage an interesting and variable workload and be willing to assist and support other team members when required.

Why join Border to Coast?

At Border to Coast, you will receive competitive remuneration and have access to excellent benefits:

• Vitality Health Insurance for all employees
• Employee Assistance Programme
• A generous holiday allowance of 30 days a year, plus bank holidays
• Professional Development including the opportunity to gain fully funded qualifications (e.g. IMC)
• Critical Illness Cover
• Stunning Leeds city centre location only a short walk to the train station
• Cycle to work scheme
• Life Assurance of 6 times the salary
• Range of discounts for Leeds gyms, shops and restaurants

Onsite gym

We welcome applications from people of all experience levels and backgrounds and value diversity of thought. We are committed to creating an inclusive and engaging workplace, ensuring that colleagues maintain a work life balance. We encourage colleagues to progress, be themselves and be their best through both personal and professional development.

If you have a disability, or if you have a condition that you believe may affect your performance during our selection process, we would be happy to discuss making reasonable adjustments to our processes for you.

We're looking for people with the right values, behaviours, skills and experiences and if you meet some of the role's criteria and are interested in finding out more about Border to Coast and the team, we'd love to hear from you.

About Us

Based in Leeds, Border to Coast is the largest LGPS (Local Government Pension Scheme) pool in the UK. It is owned by 11 Local Government Pension Schemes funds (Partner Funds). The Partner Funds represent nearly 3,000 employers and over 1.1 million members.

The Partner Funds are Bedfordshire, Cumbria, Durham, East Riding, Lincolnshire, North Yorkshire, South Yorkshire, Surrey, Teesside, Tyne and Wear and Warwickshire.

The Partner Funds have c.£65.3bn in investments, of which Border to Coast is directly responsible for the management or oversight of £55.4bn (as of 31 March 2025).

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