State Street’s Global Credit Finance Department’s dual mission is to provide credit solutions to State Street clients and generate fee and net interest income. The Municipal Products Group provides loans and other credit facilities to the Bank’s public sector clients and prospects in the United States. In addition, the group manages two Tender Option Bond (TOB) Programs that finance municipal bonds in the tax-exempt market for the bank itself and the bank’s mutual fund clients. The successful candidate will be a subject matter expert in public finance, assume a lead role in performing credit analysis and assist in the management of the TOB program. The Analyst will partner with the Municipal Finance relationship managers and TOB manager to perform credit underwriting and due diligence and participate in deal structuring. In addition, the Analyst will oversee many aspects of the TOB program, including new deals, marketing initiatives, trade booking, review of legal documents, budgeting, forecasting and hedging.
Day-to-day tasks will include:
- Deal structuring including review/negotiation of legal documents and responding to Request For Proposals;
- Initial assessment of a municipal counterparty’s credit worthiness and due diligence in the credit underwriting;
- Prepare detailed credit write ups and be prepared to defend the credit assessment clearly and concisely;
- Liaise with Enterprise Risk Management (ERM) to answer questions, participate in the review of credit guidelines and creating processes to achieve efficiency in approval of new and existing deals;
- Ongoing responsibility for surveillance of portfolio credits and preparation of annual review/extension for submission to ERM;
- Ensure counterparties are in full compliance with documents including on-going monitoring of news, research publications, pricing and rating agency reports;
- Communicate with the Remarketing Agent regarding market news, pricing changes, new issuances and ad hoc investor requests;
- Ensure internal spreadsheets are operating efficiently, meet all corporate guidelines and make enhancements when necessary;
- Stay abreast of new regulatory and corporate initiatives and actively participate in discussions and executing solutions.
- Book TOB related trades and ensure correct positions are updated in internal spreadsheets;
- Pro-actively review industry information and attend external conferences and client meetings alongside the Relationship Manager;
- Training of junior team members;
- Ad hoc projects as required by group head.
- Bachelor’s degreerequired. MBA and or CFA designation or working towards such is a plus
- 5+ years of work experience (3+ years in public finance or municipal credit is preferred)
- Knowledge of the municipal bond market is highly desirable
- A designation of Municipal Securities Representative or Municipal Sales Limited Representative is preferred, but will be a requirement of the position after hire
- Strong analytical and problem solving skills;
- Understanding of and ability to explain key features of bond structures and related legal documents;
- Effective written and oral communication skills;
- Strong organizational and collaborative skills;
- Excellent interpersonal skills;
- Financial and excel modeling skills;
- Working knowledge of Bloomberg;
- Experience with Salesforce360;
- Highly motivated with a demonstrated ability to show initiative and work both independently and as part of a team.