Job Title
Buy-side Fixed Income & Credit Research Analyst (Associate / Senior Associate / Delivery Lead)
Location: Bengaluru, Pune, Gurgaon [Hybrid]
Team: Credit Research / Fixed Income
Role Summary
We are looking for a Fixed Income & Credit Research Analyst to do fundamental credit analysis with knowledge of DCF and relative valuation.
Key Responsibilities/Role requirements
Core Credit Research
- Build bottom-up financial models with forecasts (3statement, segment-level, KPI based) including liquidity, leverage, recovery analysis and coverage forecasts.
- Conduct capital structure analysis: debt stacks, ranking/priority, guarantees, collateral, structural subordination, etc.
- Valuation: Bonds and loans relative value, spread analysis, recovery waterfalls, EV/EBITDA, DCF, and scenario-based pricing.
- Prepare credit memos which capture credit risks, mitigants and view on the trend of credit fundaments of the issuer.
- Perform peer benchmarking and comp analysis (profitability, leverage, FCF conversion, capex intensity, credit metrics).
- Ability to review news/events and a provide view/impact on the issuer
- Ability to screen loan and bond documents: credit agreements, indentures, offering memoranda, amendments/waivers, intercreditor agreements, compliance certificates and company filings etc.
Special Situations / Event-Driven
- Analyze M&A, LBOs, spin-offs, asset sales, assess pro forma leverage/coverage, covenant headroom, and refinancing risks.
- Assist with distressed/special situations work: restructuring frameworks, recovery analysis, covenant reviews, liquidation vs. going-concern outcomes.
- Model default and recovery scenarios, including waterfall analysis across the capital structure.
- Exposure to US HY and Distressed sector and or CFA would be an added advantage
- Professional Skills: Ability to take prioritize and successfully follow through on tasks; deliver results within stringent deadlines during live deals. The ideal candidate should also show a desire for achievement and commitment to the investment process and to learn and grow their expertise in the field.
