Credit Analyst - Convertible Arbitrage

Two Sigma; New York (NY); Hybrid; USD 165,000 - 250,000; Full time

Benefits offered by this job

Medical & dental insurance

401k match

Tuition reimbursement

Generous vacation & sick days

Job summary

Two Sigma is seeking a Credit Analyst for the Convertible Arbitrage team within DRV. You will perform fundamental credit analysis on convertible issuers and assess risk under stress, collaborating with portfolio managers on hedging and exit decisions.

You will also develop issuer views and support primary market opportunities, while building scalable, data-driven tooling, including LLM-based workflows and predictive analytics.

Qualifications

• 5–10 years of fundamental credit analysis experience.
• Strong understanding of corporate capital structures and credit documentation.
• Experience with convertible bonds or convertible research is a strong plus.

Responsibilities

• Conduct fundamental credit analysis on issuers including capital structure and liquidity.
• Assess credit risk on positions under stress and assist with sizing, hedging and exits.
• Support primary market opportunities with analytical input on new issuances and other transactions.
• Develop issuer-level views to engage with issuers and counterparties.
• Monitor credit exposures and flag emerging risks.
• Help build data-driven tools and workflows to speed up credit analysis.

Skills

Credit analysis

Python

Analytical skills

Communication

AI/LLM tooling

Tools

LLM tools

Job description

Position Summary

Two Sigma is a leading quantitative investment management and trading firm. The company applies a scientific approach to investing, combining cutting-edge technology, artificial intelligence, data science, and quantitative research with rigorous human inquiry to capitalize on market opportunities and deliver alpha for investors.

Our team of engineers, quantitative researchers and data scientists looks beyond the traditional to test hypotheses and develop creative solutions to some of the world’s most complex economic problems.

We are looking for a credit analyst to join the Convertible Arbitrage team within Derivatives and Relative Value (DRV), a modeling team that aims to expand the spectrum of asset classes and strategies used for systematic investment management at Two Sigma. Our convertible arbitrage strategy identifies mispriced convertible securities and captures the difference between market price and fair value by trading the convertible and hedging its exposures with equities, equity options, Treasury futures, corporate bonds and credit default swaps. Our goal is to apply Two Sigma's data science and systematic trading expertise to convertible arbitrage, and this role will bring fundamental credit expertise to that effort.

You Will Take On The Following Responsibilities

• Conduct fundamental credit analysis on convertible issuers, including capital structure, liquidity, covenants, recovery and refinancing risk
• Assess credit risk on positions under stress, and work with portfolio managers on sizing, hedging and exit decisions
• Provide analytical support for primary market opportunities, including new issuance, buybacks and other capital markets transactions
• Develop issuer-level views that support engagement with issuers and counterparties
• Monitor credit exposures across the portfolio and flag emerging risks proactively
• Help build data-driven tools and processes, including LLM-based and agentic workflows, that make credit analysis faster and more scalable

You Should Possess The Following Qualifications

• 5–10 years of experience in fundamental credit analysis, on the buy side (credit, distressed or convertible funds) or sell side (leveraged finance, high-yield or convertible research)
• A deep understanding of corporate capital structures, credit documentation and recovery analysis
• Familiarity with convertible bonds, or with how equity and credit interact across the capital structure; hands-on convertible experience is a strong plus
• Proficiency using AI and agentic workflows for research and analysis (e.g., using LLM tools to process filings, transcripts and credit documents)
• Comfort working with and analyzing data programmatically; Python or similar experience is a plus
• Strong analytical and communication skills, and the ability to present concise, well-reasoned recommendations to portfolio managers

You Will Enjoy The Following Benefits

• Core Benefits: Fully paid medical and dental insurance premiums for employees and dependents, competitive 401k match, employer-paid life & disability insurance
• Perks: Onsite gyms with laundry service, wellness activities, casual dress, snacks, game rooms
• Learning: Tuition reimbursement, conference and training sponsorship
• Time Off: Generous vacation and unlimited sick days, competitive paid caregiver leaves
• Hybrid Work Policy: Flexible in-office days with budget for home office setup

The base pay for this role will be between $165,000 and $250,000. This role may also be eligible for other forms of compensation and benefits, such as a discretionary bonus, health, dental and other wellness plans and 401(k) contributions. Discretionary bonus can be a significant portion of total compensation. Actual compensation for successful candidates will be carefully determined based on a number of factors, including their skills, qualifications and experience.

We are proud to be an equal opportunity workplace. We do not discriminate based upon race, religion, color, national origin, sex, sexual orientation, gender identity/expression, age, status as a protected veteran, status as an individual with a disability, or any other applicable legally protected characteristics.

Two Sigma is committed to providing reasonable accommodations to qualified individuals in accordance with applicable federal, state, and local laws. If you believe you need an accommodation, please visit our website for additional information.