Associate, Liquid Credit Research

The Carlyle Group•New York, NY

44d

About The Position

The Carlyle Group is a global investment firm with $485 billion of assets under management. Founded in 1987, Carlyle has grown into one of the world's largest and most successful investment firms, with professionals operating in 28 offices worldwide. Carlyle's purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. The firm invests across Global Private Equity, Global Credit, and Carlyle AlpInvest segments. Carlyle believes that a wide spectrum of experiences and viewpoints drives performance and success, emphasizing development, retention, and inclusion. The Loans & Structured Credit team focuses on performing senior secured bank loans rated below investment grade in the U.S. and European markets, employing a disciplined investment approach focused on identifying opportunities and proactively managing credit and market risk. The team seeks to avoid defaults and maximize recoveries through stringent credit selection and monitoring, and also engages in active trading to improve credit quality. The team strives to achieve high current income from quarterly or semi-annual cash distributions. The Loans & Structured Credit team has long-standing relationships with arrangers of leveraged finance and secondary market makers, benefiting from Carlyle’s extensive network and strong relationships within the financial community. The team sources assets from both primary and secondary markets and has deal flow relationships with major counterparties in the U.S. and European leveraged finance markets, as well as strong relationships with private equity sponsors in these regions.

Requirements

1-3 years of prior buy side credit and /or sell-side high yield loan/bond research experience preferred
Experience covering Financial Services or Technology is also preferred (though not a requirement)
Strong quantitative, analytical and modeling skills (using Excel)
Self-Starter, takes pride in work product, excellent communication (both written and oral) and interpersonal skills, curiosity/interest in credit and investing
Strong organizational skills and attention to detail
Demonstrated ability to work effectively as part of a team
Bachelor’s degree required

Nice To Haves

Experience covering Financial Services or Technology

Responsibilities

Develop/maintain a point of view on industry trends, drivers and economics
Analysis of assigned credits with particular focus on cash flow as well as on/off balance sheet assets and liabilities; the analyst will be expected to build/maintain predictive financial models
Analysis of transaction values, DCF and public values to express a view on asset protection as well as market value and ultimately recoveries in a default scenario
Capital structure analysis including an assessment of credit agreement and indenture provisions
Relative value analysis and the ability to express a view of an investment risk / return profile
Monitoring of portfolio positions and summarizing relevant information for daily morning meetings
Ensure assigned credit information is complete and accurate on internal information systems
Maintain confidentiality of all sensitive and confidential issues
Special projects as assigned