About The Position
The Associate will support Morgan Stanley’s Municipal Capital Markets and Municipal Lending activities within the Fixed Income Division’s Municipal Securities Division. The role provides broad exposure to municipal-market underwriting, structuring, lending, and transaction execution, working with Public Finance investment bankers, internal credit and risk functions, municipal and not-for-profit borrowers, investors, sales, trading, and other capital-markets professionals. In Municipal Capital Markets, the Associate will support public-market financing solutions, municipal tender transactions, new product development, investor analytics, and investor marketing. The work includes analyzing financing structures and market conditions and supporting transaction pricing and execution. In Municipal Lending, the Associate will support direct lending, direct purchases, bridge financing, credit analysis, deal execution, and ongoing portfolio monitoring. Expected base pay is $150,000 to $200,000 per year at commencement of employment. Actual base pay is determined individually and is only part of total compensation, which may also include commissions, incentive compensation, discretionary bonuses, other short- and long-term incentive packages, and sponsored benefit programs.
Requirements
- Undergraduate degree.
- Developed understanding of the municipal market.
- Experience in municipal public finance, debt capital markets, municipal lending, credit analysis, or another applicable structured-finance or fixed-income role.
- Strong analytical and quantitative skills.
- Advanced proficiency in Microsoft Excel and PowerPoint.
- Excellent written and verbal communication and presentation skills.
- Curious, inquisitive, collaborative, attentive to detail, analytical, self-starting, and team-oriented.
- Eagerness to use new technologies and data-driven approaches to enhance municipal capital-markets and lending execution and portfolio-monitoring processes.
- Ability to perform in a fast-paced, dynamic environment and manage multiple high-priority projects simultaneously.
Nice To Haves
- Experience with programming languages such as Python or VBA.
Responsibilities
- Support the structuring, marketing, and execution of municipal capital-markets transactions, including tender offers and other liability-management solutions.
- Assist in developing and evaluating new municipal financing products and innovative transaction structures.
- Conduct investor analytics, including analysis of investor demand, market trends, pricing dynamics, and transaction performance.
- Develop investor-marketing materials and support investor outreach for public-market municipal transactions.
- Collaborate with Public Finance bankers, sales, trading, and internal stakeholders to develop financing solutions and support transaction execution.
- Support the origination, structuring, and execution of municipal lending transactions, including direct loans, direct purchases, and bridge financing.
- Perform financial and credit analysis, including cash-flow modeling, debt-capacity analysis, and evaluation of borrower creditworthiness.
- Calculate and analyze transaction economics, including loan pricing, expected returns, profitability, and sensitivity to funding costs and credit assumptions.
- Prepare transaction materials and support due diligence, internal credit approvals, documentation, and closing processes.
- Monitor the municipal lending portfolio, including borrower financial performance, covenant compliance, and ongoing credit developments.
- Coordinate with Public Finance bankers, credit, risk, legal, and other internal stakeholders throughout the lending transaction lifecycle.
Benefits
- Comprehensive employee benefits and perks.
- Compensation may include commissions, incentive compensation, discretionary bonuses, other short- and long-term incentive packages, and sponsored benefit programs.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
