Department Profile
The Fixed Income Division is comprised of Interest Rate and Currency Products, Credit Products and Distribution. Professionals in the Division assess and actively manage risk, trade securities, and structure as well as execute innovative transactions in the fast-paced and constantly changing global markets. Morgan Stanley aligns its municipal investment banking, underwriting, sales, trading, lending, and M&A advisory in one integrated organizational group under the umbrella of the Municipal Securities Division.
Background on the Team
Within Municipal Securities, the Municipal Capital Markets / Municipal Lending team is made up of experienced municipal market professionals focused on delivering financing solutions, capital markets expertise and transaction execution services to municipal and not-for-profit clients. The Municipal Capital Markets team focuses on public-market financing solutions, municipal tender transactions, new product development and investor analytics and marketing, while the Municipal Lending team focuses on direct lending, direct purchases, bridge financing and ongoing portfolio management.
Within this multi-faceted group, the Associate will support municipal capital markets activities, including municipal tender transactions, new municipal product development, investor analytics and investor marketing for public-market municipal transactions. The role will focus on analyzing financing structures, evaluating market conditions, and supporting transaction pricing and execution. The Associate will also support municipal lending activities, including direct lending, direct purchases, bridge loans, credit analysis, deal execution and ongoing portfolio monitoring.
Qualified Associate candidates will benefit from broad exposure to the municipal market through underwriting, structuring, lending and transaction execution activities. Qualified candidates will work with Public Finance investment bankers, internal credit and risk functions, municipal and not-for-profit borrowers, investors, sales, trading and other capital markets professionals.
Primary Responsibilities
Municipal Capital Markets
- Support the structuring, marketing and execution of municipal capital markets transactions, including tender offers and other liability management solutions.
- Assist in the development and evaluation of new municipal financing products and innovative transaction structures.
- Conduct investor analytics, including analysis of investor demand, market trends, pricing dynamics and transaction performance.
- Develop investor marketing materials and support investor outreach for public-market municipal transactions.
- Collaborate with Public Finance bankers, sales, trading and other internal stakeholders to develop financing solutions and support transaction execution.
Municipal Lending
- Support the origination, structuring and execution of municipal lending transactions, including direct loans, direct purchases and bridge financing.
- Perform financial and credit analysis, including cash flow modeling, debt capacity analysis and evaluation of borrower creditworthiness.
- Calculate and analyze transaction economics, including loan pricing, expected returns, profitability and sensitivity to funding costs and credit assumptions.
- Prepare transaction materials and support due diligence, internal credit approvals, documentation and closing processes.
- Monitor the municipal lending portfolio, including borrower financial performance, covenant compliance and ongoing credit developments.
- Coordinate with Public Finance bankers, credit, risk, legal and other internal stakeholders throughout the lending transaction lifecycle.
Qualifications
- Undergraduate degree
- Developed understanding of the municipal market
- Experience in municipal public finance, debt capital markets, municipal lending, credit analysis or another applicable structured finance/fixed income role
- Strong analytical and quantitative skills with advanced proficiency in Microsoft Excel and PowerPoint
- Experience with programming languages such as Python or VBA are a plus
- Excellent communication and presentation skills – written and verbal
- Curious, inquisitive, collaborative, attention to detail, analytical, self-starting, team-oriented
- Eager to use new technologies and data-driven approaches to enhance municipal capital markets, lending execution and portfolio monitoring processes
- Ability to perform in a fast-paced, dynamic environment and simultaneously manage multiple high priority projects
