Credit Analyst – Fixed Income Investments

Dezerv; Mumbai; On-site; INR 2,600,000 - 4,200,000; Full time

Job summary

Dezerv is hiring a Credit Analyst to independently assess corporate and NBFC credit opportunities across fixed-income strategies. The role covers the full credit lifecycle: sourcing/identification, underwriting, structuring, investment recommendation and ongoing portfolio monitoring.

The ideal candidate can form an independent credit view beyond ratings and standard templates, quantify downside risk, evaluate structural protections and judge whether the expected return adequately compensates for

Qualifications

• 5+ years of relevant experience in credit analysis, credit investing, underwriting or a closely related institutional credit role.
• Strong hands-on experience analysing corporate and/or NBFC credit.
• Strong financial statement, cash-flow, leverage and liquidity analysis skills.
• Ability to build, audit and interpret financial models rather than rely only on standard templates.
• Strong understanding of debt instruments, credit structures, security packages and covenants.
• Ability to independently form and defend an investment view, including downside and recovery analysis.
• High attention to detail, commercial judgement and intellectual curiosity.
• Buy-side credit: PMS, AIF, mutual fund or institutional investment platform.
• Private credit / structured credit.
• Corporate credit underwriting.
• Credit research or rating agency experience with strong analytical and underwriting exposure.

Responsibilities

• Independently underwrite corporate and NBFC credits and prepare clear investment recommendations.
• Analyse business fundamentals, financial statements, cash flows, leverage, liquidity and capital structure.
• Assess promoter quality, governance, business risks, industry dynamics and key downside scenarios.
• Evaluate probability of default, loss given default and the range of plausible downside outcomes.
• Assess risk-adjusted return and form a clear invest / do-not-invest view.
• Evaluate NCDs, bonds, structured credit and other fixed-income opportunities.
• Analyse security packages, guarantees, collateral, escrow / DSRA structures and covenants.
• Understand how structure and documentation affect recovery, downside protection and enforceability.
• Monitor portfolio credits and identify early-warning signals before deterioration becomes visible in ratings.
• Track covenant compliance, liquidity, refinancing risk, rating actions and financial performance.
• Recommend actions where the original investment thesis changes, including hold, reduce, exit or enhanced monitoring.
• Conduct issuer / management meetings and independently challenge the investment thesis.
• Interact with issuers, arrangers, rating agencies, trustees, legal advisors and other market participants.
• Work closely with the Fund Manager on portfolio construction, position sizing, exits and portfolio optimisation.

Skills

Credit analysis

Underwriting

Financial modelling

Debt instruments

Risk assessment

Portfolio monitoring

Job description

Dezerv is a house of investing solutions for high-net-worth and affluent Indians. Dezerv is co-founded by Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor. They have led successful wealth management businesses and managed over USD 7 billion in assets. The Dezerv team brings together decades of investing expertise from leading global financial institutions like JP Morgan, UBS, BNP Paribas, etc. Our team of experts monitors the performance of portfolios and rebalance them if required to ensure long-term success. We are backed by marquee firms like Premji Invest, Accel, Elevation, Matrix, etc. Since inception, our clients have trusted us with over 17000+ Crs of their assets.

Why are we building Dezerv?

Investing is stressful and emotional. Building & growing wealth is difficult and time-consuming. Most individuals struggle with managing their investments and money. Our goal is to help individuals grow their wealth without the stress, time, and costs involved in a traditional investment. At Dezerv, we are building a platform that leverages our decades of investment expertise to help individuals invest better for their future.

What are we trying to solve/mission?

We are passionate about helping Indians invest better. We manage investments with active oversight to help both sophisticated and new investors build long-term wealth across various market conditions.

Role Summary

We are hiring a Credit Analyst to independently assess corporate and NBFC credit opportunities across fixed-income strategies. The role covers the full credit lifecycle: sourcing/identification, underwriting, structuring, investment recommendation and ongoing portfolio monitoring.

The ideal candidate can form an independent credit view beyond ratings and standard templates, quantify downside risk, evaluate structural protections and judge whether the expected return adequately compensates for the risk.

Core Responsibilities

1. Credit Underwriting & Investment Decisions

• Independently underwrite corporate and NBFC credits and prepare clear investment recommendations.
• Analyse business fundamentals, financial statements, cash flows, leverage, liquidity and capital structure.
• Assess promoter quality, governance, business risks, industry dynamics and key downside scenarios.
• Evaluate probability of default, loss given default and the range of plausible downside outcomes.
• Assess risk-adjusted return and form a clear invest / do-not-invest view.

2. Debt Structures & Documentation

• Evaluate NCDs, bonds, structured credit and other fixed-income opportunities.
• Analyse security packages, guarantees, collateral, escrow / DSRA structures and covenants.
• Understand how structure and documentation affect recovery, downside protection and enforceability.
• Monitor portfolio credits and identify early-warning signals before deterioration becomes visible in ratings.
• Track covenant compliance, liquidity, refinancing risk, rating actions and financial performance.
• Recommend actions where the original investment thesis changes, including hold, reduce, exit or enhanced monitoring.
• Conduct issuer / management meetings and independently challenge the investment thesis.
• Interact with issuers, arrangers, rating agencies, trustees, legal advisors and other market participants.
• Work closely with the Fund Manager on portfolio construction, position sizing, exits and portfolio optimisation.

Must-Have Profile

• 5+ years of relevant experience in credit analysis, credit investing, underwriting or a closely related institutional credit role.
• Strong hands-on experience analysing corporate and/or NBFC credit.
• Strong financial statement, cash-flow, leverage and liquidity analysis skills.
• Ability to build, audit and interpret financial models rather than rely only on standard templates.
• Strong understanding of debt instruments, credit structures, security packages and covenants.
• Ability to independently form and defend an investment view, including downside and recovery analysis.
• High attention to detail, commercial judgement and intellectual curiosity.

Preferred Background

• Buy-side credit: PMS, AIF, mutual fund or institutional investment platform.
• Private credit / structured credit.
• Corporate credit underwriting.
• Credit research or rating agency experience with strong analytical and underwriting exposure.

What We Are Looking For

• What can go wrong?
• How much can we lose?
• What protects us if the thesis goes wrong?
• Are we being adequately compensated for taking this risk?

Candidates whose work is primarily limited to monitoring ratings, filling standard credit templates or reviewing historical financials without forming an independent investment view are unlikely to be a fit.

Why This Role

• Direct exposure to buy-side credit investing and portfolio management.
• Close involvement with the Fund Manager on live investment decisions.
• Opportunity to evaluate differentiated credit opportunities across sectors and structures.
• Significant interaction with issuers and market participants.
• High ownership and visibility across the investment process.
• Opportunity to develop into a credit investment specialist / portfolio manager over time.