CMBS trader - Associate

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

Department Overview

Nomura's Global Markets department provides liquidity, market insights, and execution services to clients worldwide across various asset classes, including equities, fixed income, currencies, and commodities. The team's focus on innovation and technology provides clients with access to cutting-edge trading platforms and customized solutions. Nomura's Global Markets team specializes in market-making, risk management, and electronic trading, with a strong global presence and reputation for exceptional service to clients. With expertise, global reach, and commitment to innovation, Nomura's Global Markets department is well-positioned to continue driving growth and success in the financial industry.

Job Description – Primary CMBS Trader

TheCMBS Primary Traderis responsible for structuring, pricing, and distributing new-issue commercial mortgage-backed securities across Conduit, SASB, and CRE CLO platforms. This role requires advanced quantitative modeling, strong understanding of deal mechanics, and the ability to bridge structuring analytics with investor and syndicate execution. The ideal candidate combines deep technical proficiency in CMBS cash flow modeling with strong organization and communication skills.

Key Responsibilities

• Leadstructuring and pricing analysisfor primary CMBS conduit transactions, optimizing tranche sizing, credit enhancement, and spread targets.


• Collaborate withBanking, Underwriting and Securitizationteams to design efficient structures that balance investor demand, capital efficiency, and regulatory requirements.


• Build and maintain detailedbond-level cash flow modelsusing Intex, Bloomberg, Excel, and proprietary tools.


• Develop and refinedeal comparablesand relative value frameworks across vintages, shelves, and product types (Conduit, SASB, CRE CLO).


• Partner withSales and Syndicateto provide investors with detailed structural analysis, collateral summaries, and pricing rationale.


• Manage pipeline risk in conjunction with risk management, including pre-pricing and hedging strategies.


• Monitor and interpret primary market spreads, issuance trends, and macro factors affecting CMBS and broader credit markets.

Technical Qualifications

• 2+ yearsof experience in CMBS Conduit structuring


• Comprehensive understanding ofCMBS capital structures, cash flow waterfalls, prepayment, credit enhancement mechanics, and tranche interdependencies.


• Modeling skills inIntex, Trepp, and Bloomberg functions.


• Advanced Excel proficiency (formulas, macros, data tables); experience withVBA, Python, or SQLfor custom analytics preferred.


• Strong command ofloan-level analytics—DSCR, LTV, occupancy, property type concentration, and geographic diversification.


• Familiarity withrisk retention structures, B-piece execution, and regulatory capital implications.


• Manage pipeline risk in conjunction withRiskteams, including pre-pricing andhedging strategies.


• Monitor and interpret primary market spreads, issuance trends, and macro factors affecting CMBS and broader credit markets.

Qualitative Skills

• Highlyanalytical and detail-oriented, with a rigorous approach to modeling and verification.


• Excellentverbal and written communicationskills to convey structural logic and trade rationale to both technical and non-technical audiences.


• Strongcollaboration skills, especially across origination, underwriting, and sales teams.


• Capable ofmanaging multiple deals simultaneously in a fast-paced environment with tight deadlines.


• High level ofprofessional judgment and integrity, with sensitivity to confidential transaction data.

Preferred Qualifications

• Bachelor’s degree inFinance, Economics, Engineering, Mathematics, or another quantitative discipline; advanced degree or CFA a plus.


• Established relationships withrating agencies, accounting firms and B-piece buyers advantageous.