Analyst/Senior Analyst - Fixed Income Credit Research

Aranca; Mumbai; On-site; INR 1,800,000 - 2,400,000; Full time

Job summary

Aranca is seeking candidates with hands-on experience in credit research and fixed income securities investment analysis including Investment Grade Bonds, High-Yield Bonds, Distressed Bonds, Leveraged Finance, Sukuks, and AT1s.

The ideal candidate will analyze corporates, banking and sovereign issuers across global markets and prepare research notes, financial models, and investment memos in a fast-paced environment.

Qualifications

• CA / MBA Finance / CFA preferred.
• Strong experience in credit research / bonds assessment / leveraged finance.
• Hands-on financial modelling (cash flow-based).
• Exposure to IC memos / credit notes / deal write-ups.

Responsibilities

• Initiate quick-turn investment profiles / teasers for corporates / financial institutions / sovereigns; support IC memos with clear recommendations.
• Assess business model, industry risks, and capital structure.
• Build detailed financial models (cash flow, liquidity, debt schedules); conduct downside / scenario analysis.
• Analyze financial statements, liquidity, leverage, and debt repayment profile of issuers.
• Relative valuation of bonds by assessing yields, spreads, duration, ratings; rank bonds.
• Track portfolio performance, liquidity, and covenant compliance; support quarterly reviews.

Skills

Credit research

Fixed income analysis

Financial modeling

Portfolio monitoring

Education

CA / MBA Finance / CFA preferred

Tools

Bloomberg

Capital IQ

Excel

Job description

(IG, HY, Distressed Debt, Leveraged Finance, Sukuks, Sovereign, AT1s / perpetuals)

We are looking for candidates with hands-on experience in credit research and fixed income securities investment analysis including Investment Grade Bonds, High-Yield Bonds, Distressed Bonds, Leveraged Finance, Sukuks, financial bonds such as AT1s/ perpetuals, and Sovereign Bonds. The candidates should have experience analyzing corporates / banking / sovereign issuers across global markets including US, Europe, GCC, Africa, and Asia Pacific. The candidate should have hands-on experience in preparing research recommendation notes / memos / tear sheets, financial models (cash flow / recovery / valuation), industry reports, bond watchlists and screeners, and portfolio monitoring in a fast-paced direct lending environment.

KEY RESPONSIBILITIES

Credit Research, Analysis, & Underwriting

• Initiate quick-turn investment profiles / teasers for corporates / financial institutions / sovereigns. Support Investment Committee (IC) memos with clear recommendations
• Assess business model, industry risks, and capital structure
• Initiate detailed financial models (cash flow, liquidity, debt schedules). Conduct downside / scenario analysis and identify key risk triggers
• Analyze financial statements, liquidity, leverage, and debt repayment profile of issuers
• Relative valuation of bonds by assessing yields, spreads, duration, ratings, and ranking of bonds
• Build internal ratings model for above mentioned securities

Bond / Loan Pricing Valuation:

• Build and maintain private credit valuation and pricing models (DCF-based) for illiquid bonds and loan-format securities (bullet & amortizing), including SAR/local currency instruments
• Develop credit spread frameworks using financial KPIs (leverage, ICR, cash flows), market benchmarks, and illiquidity/structural adjustments
• Perform scenario analysis, recovery modelling, and sensitivity analysis to support fair value (IFRS Level 3), NAV reporting, and investment decisions

Portfolio Monitoring

• Track portfolio performance, liquidity, and covenant compliance
• Identify early warning signals and covenant breaches
• Support quarterly reviews and ongoing credit updates Execution

Support

• Handle multiple live deals with tight turnaround timelines
• Work closely with onshore teams / PMs / deal teams
• Maintain high quality and consistency across deliverables

Functional Requirements:

• CA / MBA Finance / CFA preferred
• Strong experience in credit research / bonds assessment / leveraged finance
• Experienced in supporting fund managers in pre-fund launch support, asset allocation strategies, deal evaluation and underwriting
• Hands-on financial modelling (cash flow-based)
• Exposure to IC memos / credit notes / deal write-ups
• Understanding of capital structures, covenants, and debt instruments Ability to work in high deal-flow, fast turnaround environments. Added

Advantage:

• Experience with direct lending / private credit funds / structured finance / KPOs serving buyside
• Experience in GCC markets
• Exposure to monthly cash flow modelling, PIK interest, amortization schedules
• Loan pricing valuation models
• Portfolio monitoring / covenant tracking experience
• Tools: Bloomberg / Capital IQ / Excel (advanced)

Soft skills & Behavioral skills:

• Project and People Management Skills.
• Strong Excel and PowerPoint skills.
• Top notch analytical and communication skills.
• Self starter and highly motivated.