About J.P. Morgan
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com
Our business
The EMEA Loan Trading business is part of the Corporate and Investment Bank’s Global Credit Trading platform. The business trades all issued loans across the credit spectrum, and in the case of distressed loans any successor or restructured instruments. The desk also provides financing to investor clients for portfolios of loans in either non-recourse or recourse TRS format. Underlying loans collateral in these financings could be broadly syndicated loans, mid-market direct lending loans/ unitranches or stressed loans.
Our client base includes the top European banks, credit funds, CLO investors, hedge funds and private equity clients.
Opportunity
The opportunity is to join the desk analyst team reporting to the head of desk analyst team. The candidate will focus on underwriting and risk management of collateral for financing portfolios and develop into the point of contact on various financing trades. The candidate will develop an understanding of the financing trade structures and protections available, and assess collateral within that framework. There will also be opportunity to work with the experienced desk analysts in the team and contribute to single name situational credit analysis for the desk. Single credit research is used to generate trading revenues on secondary trades and manage desk inventory for market making.
Key responsibilities:
- Analyse a wide variety of credits of (performing, stressed, large cap, mid-market) credits for the Investor client financing book. Review portfolios of credit assets to assess credit quality and assign market value of illiquid collateral. This includes both initial underwrite and ongoing portfolio reviews
- Liaise internally with risk and control groups – credit and market risk, structuring team, NA and Asia credit trading, legal, accounting product control as required for approvals and ongoing reviews of financing portfolios
- Preparation of other ad hoc support materials/ presentations to senior management/ risk groups;
- For secondary trading opportunities: situational credit analysis to identify profitable trading opportunities and prevent losses, both for our clients and for the desk positions. Prepare short and impactful summaries which enables pitching the opportunity to clients
- Credit manage specific desk inventory positions for all proposed changes to the credits including amendments requests and restructurings as needed
Requirements
The business is looking for an associate level candidate. The candidate will already have some experience in credit analysis - preferably originating or analysing/ monitoring leveraged loans, HY bonds.
The candidate must have a strong work ethic and be a self-starter who is able to work independently and is also comfortable being part of a larger team. Candidate will work with the head of desk analyst team and trader, and will collaborate with the other members of desk analyst team to build up credit skills. Please note that the role will focused on the financing side of the business, while being also contributing as needed in situational credit analysis required for secondary trading activity.
Essential skills:
- Financial analysis, valuation and credit analysis training, including good cash flow modelling skills;
- Clear and impactful communication / presentation skills
- Project management skills – financing is deal based transaction flow with ongoing oversight responsibilities. Understand and manage timelines, identify and obtain information needed from clients, communicate clearly to all internal and external stakeholders;
- Ability to work under pressure and to tight deadlines.
- Understand loan documentation.
- Knowledge of European restructuring framework is desirable, but not a pre requisite
European languages (to be able to read business documents) is desirable, although not a strict pre-requisite.