Credit Analyst - Leveraged Loans / Middle Market

Role

You will cover stressed and distressed private filers across leveraged loans and high yield bonds, from the first signs of pressure through liability management and, where it goes there, through chapter 11.

You will be expected to stay ahead of the market and publish timely analysis with an independent view, alongside periodic capital markets research on sector trends and cross credit themes.

What you will do
Conduct deep dive credit analysis, establishing competence in unfamiliar sectors and capital structures within compressed timeframes.
Maintain an assigned coverage portfolio under continuous surveillance, tracking issuer performance, capital structure developments, sponsor actions, creditor group formation, court milestones and rating actions, publish timely updates on material developments.
Identify issuers exhibiting early indicators of credit deterioration.
Build and maintain financial models, and conduct recovery and waterfall analysis across the capital structure.
Review credit agreements and indentures to determine the flexibility available to the borrower and the resulting implications for each creditor group.
Conduct transaction and post restructuring analysis covering new issues, amendments, exchanges and emergence capital structures, including estimated recovery and return rates for each affected creditor group.
Contribute to thematic and capital markets research addressing sector stress, maturity walls and broader market trends.
Write and publish research notes that lead with the analytical conclusion and substantiate it with supporting data.
Collaborate with our legal analysts and reporters, supporting their coverage with financial and quantitative analysis.
Engage directly with subscribers, addressing enquiries on live situations and presenting on client calls and webinars as required.

What we are looking for
Two or more years of relevant credit experience. Relevant backgrounds include experience at investment banks, restructuring advisories, direct lenders, sell side research and trading desks, buyside credit funds, and rating agencies.
Demonstrated modeling ability. You should be able to build a three statement model and a forward model from scratch. Expect a modeling case study as part of the interview process.
Strong writing skills and a deep understanding of accounting.
Client facing communication skills, and a client first mindset.

Preferred
Direct exposure to liability management exercises, restructurings or chapter 11 cases, whether as a creditor, an advisor or a lender.
Familiarity with the chapter 11 process end to end, including DIP structures, plan classification and voting, and valuation disputes.