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Job Title: Credit Analysis Manager
Contract Type: Permanent, full-time
Location: London, St Pauls
Department: Credit Fund Management, Europe
What the Hiring Manager says….
This is an exciting opportunity to join an energetic team that focuses on investing in liquid high yield and loan markets. You'll be in charge of managing a portfolio of credits, providing recommendations to the investment committee, and striving to maximize investor returns in the secondary market. When you join us, you'll need to work closely with portfolio managers, traders, other analysts, and professionals from ICG around the world. Having an investor mindset is crucial.
Summary of our opportunity
ICG’s Credit Fund Management (“CFM”) business is a sub-division of Intermediate Capital Group which invests across liquid capital markets. CFM was originally launched in 1999 and we were one of the first European CLO managers. The division now manages a range of both market-value liquid funds and CLOs, all accessing sub- investment grade debt in Europe, North America and Australia, with teams based in London, New York and Sydney. CFM’s AuM is US$18 Bn, about 17% of the total firm AuM of US$107 Bn (as at 31 December 2024). The European team consists of 17 investment professionals of which 12 are sector focused credit analysts.
Our investment style is to take a fundamental, bottom-up approach to credit analysis in order to identify opportunities and overlay relative value view in portfolio construction. You will be responsible for assessing the credit quality of new investment opportunities in the leveraged loan and high yield bond markets, and for ongoing monitoring of existing investments. Depending on pre-existing skillset and experience, additional training will be provided to support the performance of the role.
Primary responsibilities for this role include (but are not limited to):
Credit Assessment – New Opportunities
Reading Preliminary Offering Memoranda and Due Diligence Reports
Meeting management teams for 1-1 Q&A
Company SWOT analysis
Sector analysis
Financial modelling, analysing, and interpreting financial information
Assessing credits against benchmarks and/or peers
Combining all of the above in order to reach a conclusion / recommendation, to be presented to Investment Committee (“IC”) in the form of:
Deal screeners, to assess the opportunity at an early stage and discuss areas for further investigation;
Investment papers with fully developed and critical analysis of the investment opportunity.
Monitoring of Existing Portfolio
Covering between 25-35 names on an ongoing basis and building a coverage list based on deal flow and secondary opportunities
Building relationships with management teams of portfolio companies
Relative value assessments for loans and bonds, with ideas presented ad hoc or in weekly
Relative Value meetings (in-house training provided)
Providing quick updates to Portfolio Managers upon release of financial results and news updates, and then following up with more detailed analysis and conclusions
Providing forecasts/expectations for upcoming results and relating them to market consensus estimates where appropriate
Maintaining monitoring models of current coverage names which incorporate historic data and forecasts
Uploading financial and other data and commentary to the proprietary CFM database (in- house training provided)
Running scenario/sensitivity analysis as required
Regularly monitoring peers for relevant news and results, and for potential secondary trade opportunities
Contributing to Quarterly Portfolio Reviews as required
Fundraising / Networking
Providing support to the Portfolio Managers and Marketing & Client Relations as required
Building and developing relationships with arrangers, sponsors and other analysts
Assisting with marketing materials as required
Meeting with investors/potential investors as required as part of the analyst team
Legal Documentation
Reviewing legal documentation (Term Sheets, loan agreements) to identify key terms
(Training/external resources are available if required)
Key Requirements/ Qualifications
You will have demonstrable experience of:
Experience: Any European market - 3+ years in any of: Leveraged Loans, High Yield Bonds, Accountancy
Qualifications: BSc in Finance, Accounting, Economics, Business Admin, Political Science or similar.
Past organizations: PE & Asset Managers with €1bn + AUM, Tier I Banks, Tier I Consulting firms, Ratings Agency and Accountancy
Personal Attributes
Personal attributes that will make you successful in this role include but are not limited to:
Analytical: Good attention to detail, diligent and well-organised
Communication skills: An ability to influence others and obtain buy-in; an ability to establish relationships with management teams of portfolio companies
Enthusiastic, passionate and driven
Trustworthy and respectful
Our Global Benefits Framework is centred around these 3 key attributes:
Wellbeing - Supporting your mental, physical and financial wellbeing as well as your lifestyle needs.
Inclusivity – Fit for purpose and competitive, no matter who or where you are.
Longevity – Long Term and sustainable in design.
ICG will provide equal employment opportunity to all employees and applicants for employment. No employee will be discriminated against in hiring or employment because of race, colour, sex, age, disability, religion, national origin, marital status, sexual orientation, gender identity and/or expression, ancestry, military status, genetic information, or any other basis protected by applicable federal, state or local law.
