The Bank Loan Strategies Team is a pioneer in the floating-rate corporate loan market, with a demonstrable track record since 1989. The team invests in U.S. and European senior loans and CLO debt tranches, with their investment strategies underpinned by a robust fundamental research platform and the consistent and systematic application of their risk-focused investment process.
As part of the Credit Research Team, the Executive Director will be responsible for applying rigorous credit analysis to develop and manage a portfolio of floating-rate leveraged loans, influence investment decisions and contribute to portfolio risk and return outcomes. The Credit Analyst will conduct in-depth credit analysis of leveraged loan issuers and follow issuer and sector trends to support portfolio management decisions in the primary and secondary market. The successful candidate will have strong financial modeling skills, rigorous credit-risk assessment capabilities, and the ability to articulate credit views and recommendations in written memos and presentations.
Responsibilities- Perform fundamental credit analysis of companies issuing broadly syndicated floating-rate loans. Evaluate credit risk across quantitative, qualitative, structural and relative value factors.
- Build, maintain, and update detailed financial models with a focus on cash flow and valuation.
- Prepare and present written credit investment memos and recommendations for new investments, stressed situations and secondary opportunities.
- Track issuer performance against underwriting expectations, monitor credit quality and portfolio exposures on an ongoing basis, produce periodic updates and alert portfolio managers to emerging risks and opportunities.
- Analyze loan documentation and credit agreements (covenants, collateral structure, intercreditor terms, lien priority, security packages) to assess structural protections under different scenarios.
- Engage with management teams, private equity sponsors, debt-advisors, industry contacts, sell side desks and other stakeholders as necessary to perform due diligence, market / industry research and to source new loan investment opportunities.
- Collaborate with portfolio managers, traders, and senior investment professionals to communicate credit views, discuss investment ideas, and coordinate relative-value analysis across sectors and instruments.
Requirements- 5-10 years of direct experience analyzing leveraged loans, syndicated credits, high-yield or leveraged finance transactions.
- Strong financial modeling skills, including building and maintaining cash flow models, valuation models and stress testing.
- Deep understanding of financial statements, accounting principles, credit metrics and ability to interpret qualitative factors including industry dynamics, business strategy and management strength.
- Strong written and verbal communication skills - capable of preparing credit memos, investment recommendations and presenting to investment committees and senior stakeholders.
- Prior experience with portfolio monitoring, relative-value analysis and trading desk collaboration.
- Familiarity with regulatory, compliance, and risk-management frameworks applicable to leveraged credit investments.
- Ability to work independently, manage multiple assignments and deadlines, and adapt to a dynamic market environment. Attention to detail, critical thinking, and sound judgment.
- Proficiency in Microsoft Excel, Bloomberg and/or other credit research tools.
- Bachelor's degree in Finance, Accounting, Economics, Business Administration, or a related field.
- Advanced degree (e.g. MBA) or relevant certification (e.g. CFA) is a plus.
Who you are- Operates with a strong sense of ethics and integrity in your interactions with others and decision making.
- Takes accountability and ownership in your work with a focus on long-term value creation.
- Track record of fostering a culture of honesty, transparency and accountability within teams.
- Proven ability to collaborate across teams to deliver optimal solutions for clients.
- A passion for innovation, with a continuous improvement mindset to drive excellence.
- Respect for individual differences, with an openness to diverse perspectives.
- Engagement in community service, volunteering or corporate citizenship initiatives.
- Commitment to mentoring and supporting professional growth of others.
Expected base pay rates for the role will be between $150,000 and $300,000 per year at the commencement of employment. 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.
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