Structured Products CMBS Analyst
The structured products fixed income analyst is responsible for conducting market research and fundamental credit analysis on structured products which will assist in identifying those securities and strategies attractive from a buy, sell or hold perspective. The credit and structure analysis will be based upon independent research of both quantifiable and qualitative factors. This position is also responsible for surveillance of current and proposed external managers as it relates to fixed income securities as the need arises.
• CMBS experience is required.
•Offer to selected candidate will be made contingent on the results of applicable background checks.
•Offer to selected candidate in contingent on signing a non-disclosure agreement for proprietary information, trade secrets, and inventions.
•This position is located in Madison, WI. Relocation assistance is available.
•Depending on qualifications, candidates can be considered at all levels. Additional Job Description
Preferred candidate with the following skills:
•A minimum of 2 years’ experience analyzing CMBS, is required. ABS experience helpful but not required.
•Experience in cash flow modeling on CMBS utilizing BBG, Intex, or Trepp.
•Experience from the Buy Side, Sell Side (desk strategy, research, or structuring), Rating
Agencies, or B-Piece Buyers, is required.
•Knowledge in Blackrock Aladdin, Bloomberg, Intex, and Trepp
•Understanding or foundation in Commercial Real Estate underwriting or Loss Mitigation techniques.
•Knowledge of programming languages Python, VBA, or other is helpful.
•Experience in databases and BI tools is helpful.
•Must have strong interpersonal and communication skills.
Credit and Security Analysis (45%)
- Conducts internal and independent fundamental research by identifying, gathering, analyzing and reporting relevant data to ascertain the risks associated with a specific fixed income issuer or structure.
- Reviews and understands the rationale behind credit by nationally recognized security rating organizations (NRSROs). Performs cash flow analysis on fixed income securities to determine risk and valuation.
- Develops analytical tools to enhance security selection, portfolio management, and surveillance.
- Designs and implements an appropriate financial model for the analysis of new fixed income issuers and/or structures. This includes analyzing and summarizing relevant economic data and financial and legal documents relating to the issue and /or issuer.
- Communicates analysis as well as presents written recommendation for the fixed income issuers to division leadership and portfolio managers.
- Conducts analytical model testing and validation of structure integrity, risks and performance characteristics to establish security valuation.
- Makes relative value trade recommendations on structured products securities and sectors.
- Constructs portfolio strategy recommendations based upon expert analysis.
Reporting and Data Analysis (20%)
- Contributes to formal monthly, quarterly, and annual reporting as well as ad hoc reports.
- Assists in developing new reports and improving existing reports.
- Maintains the accuracy and integrity of various applications, systems and databases.
Portfolio Monitoring and Management Support (20%)
- Performs surveillance of portfolio holdings to evaluate and monitor the risk characteristics of a portfolio.
- Ensures portfolios are in compliance with investment guidelines.
- Designs and performs simulations using interest rate sensitivities and 'what-if' assumptions.
- Maintains and recommends improvements to programs used to monitor portfolio holdings.
- Monitors current events, economic, market, and regulatory, to determine the potential impact on investment portfolios.
- Taking risk tolerance, diversification and liquidity needs into consideration, assists in identification of best investment alternatives available in terms of sector, maturity, quality and yield.
- Attends appropriate meetings and seminars in order to remain current on relevant economic, governmental and political developments as they relate to investments.
- Works in close collaboration with middle and back office departments to ensure all needs are met.
External Investment Manager Support (10%)
- Conducts surveillance of existing external fixed income investment managers. Establishes and maintains relationships with external managers.
- Conducts analysis and selection of external fixed income managers using quantitative and qualitative due diligence metrics.
- Provides findings/recommendations to the Fixed Income Investments Director.
- Updates external manager database with contact information, performance, and general reporting documents.
Trade Execution Support
- Negotiates best price and execution on selected fixed income investments under the supervision of portfolio managers.
- Maintains up-to-date evaluation of market conditions