Fixed Income Division - Municipal Securities - Municipal Capital Markets / Municipal Lending - Associate (New York)
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 group. The role spans municipal capital markets transactions, including tender transactions, new product development, investor analytics and investor marketing, as well as municipal lending transactions such as direct loans, direct purchases and bridge financing. Responsibilities include analyzing financing structures and market conditions; supporting transaction pricing, execution and marketing; performing financial and credit analysis; and helping manage the municipal lending portfolio. The Associate will collaborate with Public Finance bankers, internal credit, risk and legal teams, borrowers, investors, sales, trading and other capital markets professionals. The role offers broad exposure to municipal underwriting, structuring, lending and transaction execution.
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.
- Curiosity, inquisitiveness, collaboration, attention to detail, analytical ability, self-starting approach and team orientation.
- Eagerness to use new technologies and data-driven approaches to enhance municipal capital markets, lending execution and portfolio monitoring processes.
- Ability to perform in a fast-paced, dynamic environment while managing multiple high-priority projects.
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 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 other 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.
- Employee and family support throughout the work-life journey.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
