Structured Finance Credit Risk

bbva; New York (NY); On-site; USD 190,000 - 220,000; Full time

Job summary

BBVA, a leading European bank with significant U.S. operations, is seeking a Senior Vice President to join its Structured Finance Credit Risk team in New York.

The role focuses on underwriting and managing risk across Securitization Warehouse facilities, ABS asset classes, and Private Credit / Direct Lending portfolios, including RCFs to BDCs. Responsibilities include leading underwriting, ongoing risk monitoring, and presenting credit recommendations to committees.

Qualifications

• Bachelor's degree in Finance, Economics, Business or related field; CFA/FRM preferred.
• 10–12 years of relevant credit underwriting experience in financial institutions or private credit environment.
• Experience underwriting Securitization Warehouse Facilities and RCFs to BDCs and private credit platforms.
• Strong understanding of securitization docs, borrowing base mechanics, collateral analytics and covenants.
• Ability to present credit recommendations to senior management and committees.

Responsibilities

• Lead underwriting of securitization warehouse facilities across ABS asset classes.
• Underwrite Secured Lending Facilities and RCFs to BDCs and private credit platforms.
• Assess borrowing base structures, advance rates, eligibility criteria and covenants.
• Analyze collateral pools and direct lending portfolios at asset and portfolio levels.
• Present credit recommendations to senior management and credit committees.

Skills

Credit underwriting

Securitization

Private credit

Risk analysis

Financial analysis

Communication skills

Education

Bachelor's degree in Finance/Economics/Business

CFA/FRM preferred

Tools

Securitization documentation

Borrowing base mechanics

Collateral analytics

Covenant frameworks

Transaction structuring

Job description

Excited to grow your career?

BBVA is a global company with more than 160 years of history that operates in more than 25 countries where we serve more than 80 million customers. We are more than 121,000 professionals working in multidisciplinary teams with profiles as diverse as financiers, legal experts, data scientists, developers, engineers and designers.

About the job:

Overview

A leading European bank with significant U.S. operations is seeking a Senior Vice President to join its Structured Finance Credit Risk team. This role will focus on underwriting and managing risk across Securitization Warehouse facilities, ABS asset classes, and Private Credit / Direct Lending portfolio exposures, including Secured Lending Facilities and BDC Revolving Credit Facilities (RCFs).

Key Responsibilities

Transaction Underwriting & Structuring

• Lead underwriting of Securitization Warehouse facilities across multiple ABS asset classes.
• Underwrite Secured Lending Facilities and RCFs to BDCs and private credit platforms.
• Assess borrowing base structures, advance rates, eligibility criteria, concentration limits, and structural protections.
• Analyze collateral pools and direct lending portfolios at the asset and portfolio levels.
• Evaluate transaction mechanics including waterfalls, triggers, covenants, margining frameworks, and amortization features.

Portfolio Risk Management

• Oversee ongoing monitoring of warehouse and private credit exposures.
• Conduct stress testing and scenario analysis on asset pools and direct lending portfolios.
• Identify emerging risks, concentration issues, and structural vulnerabilities.
• Ensure compliance with internal credit policies and regulatory requirements.

Leadership & Governance

• Present credit recommendations to senior management and credit committees.
• Contribute to enhancement of underwriting frameworks and risk methodologies.
• Serve as subject matter expert on securitization warehouse and BDC lending risk.
• Support strategic expansion of structured finance and private credit activities.

Qualifications

• Bachelor's degree in Finance, Economics, Business, or related field; advanced degree or CFA/FRM preferred.
• 10-12 years of relevant credit underwriting experience within a financial institution, structured finance platform, rating agency or private credit environment.
• Significant hands-on experience underwriting: Securitization Warehouse Facilities ABS asset classes Senior Secured Lending Facilities Revolving Credit Facilities (RCFs) to BDCs Private Credit / Direct Lending portfolios
• Strong understanding of securitization documentation, borrowing base mechanics, collateral analytics, covenant frameworks, and transaction structuring.
• Experience analyzing BDC financials, leverage constraints, asset coverage tests, and portfolio composition.
• Demonstrated ability to operate independently at the VP level with strong credit judgment and committee presence.
• Excellent analytical, quantitative, and communication skills.

Position Profile

This role is suited for a senior credit professional with substantial experience leading underwriting of securitization warehouse and private credit facilities. The position offers significant visibility, front-office interaction, and the opportunity to influence risk standards within a growing structured finance platform.

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

With respect to this position in our New York Office, the expected base salary ranges from $190,000 to $220,000. It is not typical for offers to be made at or near the top of the range. Salary offers are based on a wide range of factors including relevant skills, training, experience, education, and, where applicable, certifications obtained. Market and organizational factors are also considered. In addition to salary and a generous employee benefits package, successful candidates are eligible to receive a discretionary bonus.

*Employment eligibility to work with BBVA in the U.S. is required as the company will not pursue visa sponsorship for these positions

Legal requirements

It is not typical for offers to be made at or near the top of the range. Salary offers are based on a wide range of factors including relevant skills, training, experience, education, and, where applicable, certifications obtained. Market and organizational factors are also considered. In addition to salary and a generous employee benefits package, successful candidates are eligible to receive a discretionary bonus.

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