Our client, South Africa’s leading fixed-income asset manager, for more than 20 years, has an opportunity for a Listed Credit Analyst in the Investment Team.
Candidates should be passionate for investments and have relevant technical and market experience and skills including strong communication & interpersonal skills, be highly organized and adaptable.
Our client is committed to transformation, and preference will be given to suitably qualified previously disadvantaged South African candidates.
The position is based in Cape Town.
This person is responsible, as part of a team, for sourcing, collating and distilling various sources of information, and providing timeous and informed investment and trade recommendations based on thorough analysis and sound judgement of both financial and non-financial risks.
Key Responsibilities :
Performing detailed investment analysis :
Including an assessment of financial, operational, management, competitive, industry, governance, environmental and social factors with the goal of expressing an investment view that includes an assessment of the proposed volume and price of the transaction.
Proposing investment recommendations with regard to the new listed bond and money market instruments, as well as, the opportunistic secondary market and relative value trades.
Reviewing of existing transactions to assess evolving risks and rewards, and recommending if our client funds should continue to hold the investment, buy more or sell, and at what proposed volume and price.
Analysing legal documentation :
Performing a commercial review of key terms and conditions, including key investor protection clauses, for appropriateness.
Working with external and internal legal advisors to ensure adequate protections are captured in the legal documentation.
Developing proposals for appropriate risk-adjusted pricing for proposed and existing transactions and working with the team and the dealing desk in the pricing and valuation of listed bond and money market instruments.
Monitoring of pricing and issuance trends in listed debt auctions to inform the broader investment decision making process and to propose any investment opportunities that may arise from these trends.
As part of the team, developing, and subsequently maintaining, internal relative value pricing databases and propose any investment opportunities that may arise from this data.
Conducting global and local, as well as, industry specific research and analysis for the purpose of amending or supporting an existing investment decision / view and proposing any new trade ideas that may be supported by the research and analysis.
Participating in internal ad-hoc projects related to listed bonds, process improvements, ASISA initiatives, etc.
Maintaining regular contact with borrower management teams, rating agencies, deal originators, legal advisors, internal portfolio managers, ASISA, the JSE and other stakeholders.
Developing and maintaining counterparty and arrange relationships for the purposes of deal origination, including sourcing transactions via reverse enquiry.
Maintaining all investment related data to ensure it is accurate and complete and can be used for investment decision-making and reporting.
Participating in valuation processes, Listed and Unlisted Credit Committees and other internal team meetings.
Participating in client investor presentations, discussions and report backs.
Technical / professional knowledge and skills :
At least 2 years asset management experience in listed credit analysis, deal implementation, monitoring and instrument valuations
CA (SA) and / or CFA candidate or similar is a requirement