Manager
Standard Bank
South Africa
3d ago

Job Details

Investment Banking provides clients with a range of advisory and financing solutions. Specialising in high-growth emerging markets, our expert advisers work on mergers and acquisitions, capital restructurings and empowerment deals, as well as arranging finance for acquisitions, client projects and property transactions.

Job Purpose

1) The role of Distribution and Syndication is to co-originate / structure and distribute loan, mezzanine and other similar private products (L / Cs, guarantees, etc.

on behalf of the bank, whether in the form of primary market syndications or as secondary market sales.

2) The main aim of the Distribution team is to connect the bank’s balance sheets to the right loan investors, thereby creating :

  • A product to offer clients greater liquidity
  • A risk management tool that helps to manage liquidity and credit appetite at a macro level
  • 3) Transactions can be arranged for Borrowers on an underwritten or best efforts basis

    4) Distribution acts as a single access point for all inward and outward loan syndications and loan sales and transactions.

    This allows the bank to capture all the relevant market information regarding liquidity, credit spreads, outlook and quantitative metrics that helps guide and focus the bank’s credit risk appetite, asset appetite and pricing strategies.

  • 5) Although Distribution is primarily focused on the distribution of investment banking-related debt products, the Distribution team acts independently of the investment banking origination and structuring teams;
  • with a reporting line into Global Markets.

    Key Responsibilities / Accountabilities

    Syndication

    Participating in the arrangement of syndicated Bank facilities for Standard Bank’s clients as an IB product offering. This allows clients to tap broader pools of debt providers, often at cheaper pricing, and is a form of revenue generation for the Bank (Arranging fees).

    Accomplished through working with the client and deal team to formulate an acceptable syndication strategy, presenting this solution to the client, launching this to the market and taking the transaction through the legal process to financial close.

    Syndication / Distribution Process

    1) Input into the loans structuring and pricing process, including but not limited to :

  • Input at pipeline meetings
  • Discussing loan pricing and structure with deal teams, and drafting the Distribution commentary for local, regional and global Pre-
  • Credit Committee and Credit committees, and presentation of distribution commentary in those meetings .

    2) Commenting on the market clearing price (interest and upfront fees) for various types of loans and structures, and substantiation of views through a combination of :

  • Loan market pricing precedents
  • Market trends (illustrated with data)
  • Investor insight
  • Polling investors and sourcing inward syndications i.e. Distribution also used as a deal origination function
  • 3) Assist in the drafting, review and negotiation of loan documents including (where appropriate) :

  • Term sheet
  • Non-disclosure agreement
  • Invitation letter
  • Deal presentation (if there will be any lender meetings to be held as part of the marketing of the deal)
  • Information memorandum
  • Commitment letter
  • Allocation letter
  • Facility documents (incl. loan agreement(s), inter-creditor agreement, common terms agreement, transfer certificates, security documents)
  • Transfer certificates
  • Assignment agreement
  • Sub-participation agreement
  • 4) Managing strategic distribution projects from time to time

    5) Maintenance of internal and external reports

    6) Presenting to the monthly Global Credit Committee Governance Committee this is the forum where the bank’s underwrite exposures are monitored by senior management

    7) Submission of closed syndicated loans to industry associations (e.g. Euromoney, Dealogic, Loan Radar, etc.)

    Stakeholder Relationship Management

    Maintains relationships with key investors and competitors (other Banks). The role also requires the balancing of internal interests with those of our key investors.

    This is important to ensure SB Africa remains in touch with the market, that it understands which assets its clients are looking for, and that we are showing the right assets to the right investors.

    Building and maintaining relationships with key dealmakers in IB, including ongoing communication to IB product detailing Market trends, deal database (recent deals closed in the market), bond spreads, CLNs traded and specifics around investor appetite.

    Risk Management

    Negotiates the sale of assets (Quantum, pricing, method of participation) to or inclusion of other investors (specialised debt funds, institutional investors or Banks) in credit facilities to Borrowers.

    This is important to manage the Bank’s exposure to any one counterparty (credit risk management tool), to manage the capital consumption of facilities (especially for longer dated and higher risk trades which consume more capital), and to create capacity for business to write new loans where there is either a capital limitation (churn of capital) or where lines to the Borrower are reaching Credit’s notional appetite framework limit.

    Distribution

    Implementation of alternative forms of distribution through co-ordination of this process involving different areas of expertise (Global Markets, Securitisation, DLL, Distribution).

    The development of alternative forms of distribution will allow the Bank to be more competitive, especially in funding debt to top-

    tier corporates, where our competitors are effectively using vehicles to place paper in the market. Accomplished through arranging meetings with key decision makers, driving the development process to completion, and ensuring the delivery of product into the vehicle once it has been developed.

    Distribution Management

    Identifying and developing alternate sources of liquidity and distribution, in liaison with GSG and other relevant structuring teams, including but not limited to synthetic, credit fund / securitization and conduit in addition to outright loan sales.

    Ensure deals are distributed in the most efficient manner possible, all distribution alternatives should be considered on each deal and the most appropriate alternative applied.

    Internal Processes / Support

    Analysis of all transactions presented to GPCC and the Regional PCC’s with focused and well supported (by the appropriate information) recommendations and strategy relating to pricing, structuring, investor appetite, other methods of de-

    risking (and the price thereof) and degree of confidence of being able to distribute.

    Deal Management

    Management of the deal process from beginning to end, including documentation (RfP, mandates, invitation letters, IMs, term sheets, legal documentation), assistance in structuring and pricing a marketable transaction, key contact person with syndication partners and appropriate communication with borrower, developing and implementing an appropriate syndication strategy

    Preferred Qualification and Experience

    Minimum Qualifications :

  • Bachelor of Law (LLB), BCom, Business Finance / Accounting.
  • Honours qualification in Mathematics, Business Finance, Financial Accounting
  • Preferred qualification :

  • Professional Qualification in Accounting / Finance CA, CFA, Law
  • Master’s Degree in Business Finance, Accounting, Business related field
  • Experience

  • 3 - 4 Years in Investment Banking,Corporate Finance & Investment Banking Analyst. Attained and can demonstrate a broad understanding of investment banking products, distribution and syndicated loans.
  • Can demonstrate a working knowledge of a broad variety of documentation and legal principles used in the bank lending environment.

  • 1 - 2 Years in Global Markets,Global Markets Structuring. Originating deals and building and maintaining client relationships;
  • Derivative structuring experience / product development experience across asset classes.

  • 1 - 2 Years in Global Markets,Global Markets Sales. General exposure into Global Markets Sales business, various desk functions and products.
  • Knowledge / Technical Skills / Expertise

    Technical Competencies

  • Transactional Analysis
  • Financial Analysis
  • Knowledge Management
  • Economic analysis
  • Loan Syndication Principles
  • Specialist Skills 1
  • Specialist Skills 2
  • Risk Management
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