Associate, Liquid Credit Research

The Carlyle Group Employee Co.•New York, NY

3d•Onsite

About The Position

The Loans & Structured Credit team generally focuses on performing senior secured bank loans rated below investment grade in the U.S. and European markets. Investment professionals practice a disciplined, anticipatory investment approach that is focused on identifying investment opportunities and proactively managing credit and market risk. Through stringent credit selection and monitoring, the team seeks to avoid defaults and maximize recoveries. The team also engages in active trading to improve credit quality. The Loans & Structured Credit strives to achieve high current income from quarterly or semi-annual cash distributions. The Loans & Structured Credit team has long-standing close relationships with arrangers of leveraged finance and secondary market makers and also has the benefit of Carlyle’s extensive network and strong relationships with the financial community. The team sources assets from both the primary and secondary market and has deal flow relationships with all major counterparties active in the U.S. and European leveraged finance markets, as well as strong relationships with nearly all 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

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