Non-Agency CMBS Trading - Fixed Income Division - Analyst/Associate

16 MS & Co., LLC; New York (NY); On-site; USD 110,000 - 200,000; Full time

Job summary

Morgan Stanley’s Fixed Income division seeks an Analyst/Associate to join the SPG Trading team in New York. You will price, hedge and manage a CMBS book, engage clients as a market maker, and work closely with risk, research and operations teams in a fast-paced environment.

The role requires 0–2 years in CMBS or securitized products, strong quantitative skills, and the ability to interact with clients and internal partners under tight deadlines.

Qualifications

• 0–2 years of experience in CMBS, structured credit, securitized products, or leveraged finance.

Responsibilities

• Price, hedge, evaluate, manage book, and engage clients as a Non-Agency CMBS trader and market maker across the capital structure.
• Assess relative value across the CMBS credit landscape, including conduit deals, SASB, CRE CLOs and CMBX indices.
• Formulate and execute trade ideas in non-agency CMBS and related instruments.
• Interact with diverse client base to provide liquidity as a market maker and build firm relationships.
• Assist desk with daily risk, P&L reporting, and weekly commentary.

Skills

CMBS knowledge

Structured credit

Non-agency CMBS

Quantitative analysis

Communication skills

Multitasking

Series 7/63

Job description

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries. As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic.

Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Morgan Stanley's Institutional Securities Group (ISG) is a remarkably broad and diversified business. We provide institutions with almost every kind of financial product and service across the world's major markets. Whether you're interested in planning complex deals; trading on the moment-to-moment movements of the capital markets; analyzing the financial needs of a company or a wealthy family, Morgan Stanley is the place to be.

The Fixed Income Division is comprised of Interest Rate and Currency Products, Credit Products and Distribution. Professionals in the Division assess and actively manages risk, trade securities, and structure as well as execute innovative transactions in the fast-paced and constantly changing global markets.

The Commodities Division is a market leader in energy, metals, and agricultural product trading worldwide whose professional’s trade in both physical and derivative commodity risk.

Morgan Stanley’s Securitized Products Group (SPG) contains several Trading Businesses (Agency MBS, residential mortgage loans, RMBS, CMBS, CLOs, and other ABS), a lending arm that focuses on traditional Commercial Real Estate as well as Warehouse (FID Secured Lending “FSL”), and a CUSIP financing business. This is a complex and growing portfolio of businesses within Morgan Stanley that serve a wide range of clients to execute on their business strategies.

The SPG Trading team is looking for an experienced Analyst to Associate level candidate to join the team.

Primary Responsibilities:

• Price, hedge, evaluate, manage book, and engage clients as a Non-Agency CMBS trader and market maker across the capital structure
• Assess relative value across the CMBS credit landscape, including conduit deals, single-asset/single-borrower (SASB) transactions, CRE CLOs, and CMBX indices, incorporating views on underlying commercial real estate fundamentals and macro credit conditions
• Formulate, express, and execute trade ideas in non-agency CMBS and related credit, interest rate, and equity hedging instruments
• Interact with diverse client base to provide liquidity as a market maker and build firm relationships
• Assist desk with daily risk, PNL reporting, compiling market color, indications, and weekly commentary
• Maintain frequent dialogue with teams internally including but not limited to: IT, strats, sales, trading desks, research, operations, and finance

Required (Must-Have):

• 0–2 years of experience in CMBS, structured credit, securitized products, or leveraged finance, preferably in a trading, sales, or banking capacity
• Strong understanding of non-agency CMBS products, including SASB, conduit transactions, CRE CLOs, and CMBX
• Demonstrated ability to analyze relative value across credit products and manage risk in a fast-paced trading environment
• Strong quantitative, analytical, and problem-solving skills
• Excellent communication and interpersonal skills, with the ability to interact effectively with clients and internal stakeholders
• Proven ability to manage multiple priorities and perform under tight deadlines
• Series 7 and 63 licenses (or ability to obtain within a reasonable timeframe)

Preferred (Nice-to-Have):

• Familiarity with commercial real estate (CRE) underwriting and credit analysis
• Experience working with trading desks in securitized products or credit markets

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work. To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser.

Expected base pay rates for the role will be between $110,000 and $125,000 per year at the commencement of employment for Analyst, and between $150,000 and $200,000 per year at the commencement of employment for Associate. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.

Morgan Stanley is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents. Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences. For more information, please visit: https://www.morganstanley.com/people-opportunities/eeo. At Morgan Stanley, we advise, originate, trade, manage and distribute capital for people, governments and institutions, always with a standard of excellence and guided by our core values. Morgan Stanley is dedicated to providing first-class service to our clients, in a way that reflects our commitment to creating a more sustainable future and fostering stronger communities around the world. In each line of business, we strive to demonstrate our belief in the power of transformative thinking, innovative strategies and leading-edge solutions—and in the ability of capital to work for the benefit of all society.