CMBS Primary Trader: Structuring, Pricing & Execution

Nomura; New York (NY); On-site; USD 180,000 - 260,000; Full time

Job summary

Nomura's Global Markets department in New York seeks a Primary CMBS Trader to structure, price, and distribute new-issue CMBS across Conduit, SASB, and CRE CLO platforms. The role demands advanced cash flow modeling, Intex and Bloomberg expertise, and close collaboration with Banking, Underwriting, and Securitization teams.

The successful candidate will build bond-level cash flow models, develop deal comparables, and support pricing rationale for investors.

Qualifications

• CMBS conduit structuring experience required.
• Advanced cash flow modeling and deal mechanics knowledge.
• Familiarity with risk retention structures and regulatory implications.
• Strong communication and teamwork across origination, underwriting, and sales.

Responsibilities

• Lead structuring and pricing analysis for primary CMBS conduit transactions.
• Collaborate with Banking, Underwriting and Securitization teams to design efficient structures.
• Build and maintain detailed bond-level cash flow models using Intex, Bloomberg, Excel.
• Develop and refine deal comparables and relative value frameworks across vintages and product types.
• Partner with Sales and Syndicate to provide investors with structural analysis and pricing rationale.
• Manage pipeline risk in conjunction with Risk teams and hedging strategies.
• Monitor primary market spreads, issuance trends, and macro factors affecting CMBS and credit markets.

Skills

CMBS Conduit structuring

Cash flow modeling

Intex

Trepp

Bloomberg

Excel (macros)

Python

SQL

Loan-level analytics

Risk management

Cross-functional collaboration

Verbal & written communication

Education

Bachelor's degree in Finance, Economics, Engineering, Mathematics, or quantitative discipline

CFA (preferred)

Tools

Intex

Trepp

Bloomberg

Excel

VBA

Python

SQL

Job description

Nomura's Global Markets department in New York seeks a Primary CMBS Trader to structure, price, and distribute new-issue CMBS across Conduit, SASB, and CRE CLO platforms. The role demands advanced cash flow modeling, Intex and Bloomberg expertise, and close collaboration with Banking, Underwriting, and Securitization teams.

The successful candidate will build bond-level cash flow models, develop deal comparables, and support pricing rationale for investors.