RMBS Analyst

Los Angeles, California
Salary commensurate with experience
24 Aug 2021
23 Sep 2021
Job Function
Structured Products
Employment Type
Full Time

Job Description:

The Residential MBS analyst will be integral member of the Structured Products Group, involved in the investment recommendation process and provide analytical and trading support to the Team’s senior traders, strategists, and portfolio managers.  The primary role includes research, data maintenance, reporting/surveillance, and credit analysis/modeling investment opportunities in the US and global residential mortgage-backed securities market.  The Analyst will also have a long-term expanded role in other markets within the Structured Products Group.  The ideal candidate for this position will have a solid background in fixed income markets, detailed-oriented, advanced programming or spreadsheet skills, team-player, and strong communication skills. 

Specific Responsibilities Include:

  • Research data, analysis with a primary focus in housing finance and residential mortgage-backed securities.
  • Maintain a prepayment and valuation reports for Agency RMBS securities and a credit handbook for Non-Agency RMBS.
  • Manage security level data integrity (and adherence to client guidelines) by working closely with compliance, risk team, and analytical vendors.
  • Perform credit/prepayment modeling, build cash flow/empirical regression models, scenario analysis, and attribution.
  • Upgrade/prepare/maintain deal warehouse and housing and securities-related databank, and marketing publications.
  • Provide trading and pricing support by maintaining a database of residential credit and agency mortgage offerings, review deal term sheets and offering documents, and price discovery with our expansive dealer network and third-party vendors.
  • Develop advanced ‘practical’ understanding of our analytic engines (Yield Book, BRS Aladdin, Intex, and other third-party models) and share/educate with the rest of the securitized team.
  • Conduct bond and issuer level due diligence.  Review deal term sheets and offering documents to comprehend payment waterfall, collateral eligibility criteria, performance triggers, and rights and obligations of key parties.
  • Participate in issuer, servicer, vendor meetings to maintain market expertise.
  • Present investment recommendations and credit memorandums to senior strategists, portfolio managers, and credit committee.
  • Assist senior managers and team in new business marketing efforts.

Skills and Experience Required:

  • 1 to 3 years of research, analysis in fixed income markets.
  • CFA or equivalent educational background desirable.
  • Strong credit, finance, economic, accounting, business acumen and technical skill.
  • Excellent written and verbal communication skills.
  • Detail oriented and critical thinker.
  • Team orientated individual.
  • Experience in financial modeling/programming beneficial.
  • Proficient use of Excel/Power point.

Company Overview:

Payden & Rygel is one of the largest privately-owned global investment advisers, with $125 billion in assets under management. Founded in 1983, we are a leader in the active management of equity and fixed income portfolios, through domestic and international solutions. Advising the world’s leading institutions and individual investors, we provide strong performance and real-world strategy on the global economy and capital markets. Our company is headquartered in Los Angeles and has offices in Boston, London, and Milan, employing over 200 professionals. While our assets under management have grown significantly over time, we have retained our collegial work environment and entrepreneurial nature.

Interested candidates should forward their resume to Careers@payden.com

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