FID, SPG, FID Secured Lending, Corporate Credit Financing - Executive Director
About The Position
Morgan Stanley's Institutional Securities Group (ISG) is a remarkably broad and diversified business. We provide institutions with almost every kind of financial product and service across the world's major markets. Whether you're interested in planning complex deals; trading on the moment-to-moment movements of the capital markets; analyzing the financial needs of a company or a wealthy family, Morgan Stanley is the place to be. The Fixed Income Division (FID) is comprised of Interest Rate and Currency Products, Credit Products and Distribution. Professionals in the Division assess and actively manages risk, trade securities, and structure as well as execute innovative transactions in the fast-paced and constantly changing global markets. Morgan Stanley FID Secured Lending group (“FSL”) is seeking an Executive Director to be part of its Corporate Credit Financing platform based in New York. The Corporate Credit Financing team is looking for highly motivated, experienced candidates to spearhead the development of the First Out financing vertical. This involves MS lending direct to corporate private credit borrowers on a “first out” or super-senior basis with MS holding a portion of the risk and distributing the remainder via both private syndication and public securitization markets. The candidate would have credit underwriting and portfolio management responsibilities within the highly scaled Direct Lender Financing business. Prior extensive experience in corporate credit underwriting within a sellside and/or buyside institution is required for this role. In addition, the candidate will be responsible for origination of new lending opportunities from a combination of private credit managers and sponsors (via the MS Global Capital Markets team). The candidate will also play a critical role in building out scaled syndication channels. FSL sits within Morgan Stanley’s Fixed Income Division and provides financing facilities to asset originators, aggregators and financial sponsors. FSL currently manages a portfolio backed by a diverse range of assets including private credit / corporate loans, fund capital commitments, consumer loans, residential and commercial mortgages, student loans, infrastructure loans and commercial real estate loans across the US, Europe, and APAC regions.
Requirements
- 10+ years of corporate credit experience in an underwriting / origination capacity (working knowledge of securitized products across credit and/or other asset classes is a plus)
- Degree from competitive undergraduate/graduate program
- Knowledge of Lev Fin market standards across key terms including ability to review and opine on termsheets, credit agreements, covenant setting, and LME mitigating provisions
- Presentation-creation skills in both Powerpoint and Excel
- Clear business writing & communication skills
- Experience reading, understanding, and negotiating loan documents
- Ability to interpret financial statements / memos and to build appropriate base and downside cases based on appropriate assumptions
- Corporate valuation skills based on appropriate comp set, DCF analysis, yield to maturity analysis etc
- Strong work ethic
- Team player
- Proactive, energetic and self-directed
- Analytical
- Strong attention to detail
- Ownership mindset
- Strong oral / written communication and presentation skills
Nice To Haves
- Previous experience managing junior employees is a positive
Responsibilities
- Underwriting corporate credits including review of financials, diligence materials (commercial, legal, financial etc.), originator investment memos, QoE reports, etc. The candidate will distill this analysis into an MS internal investment memo to be presented to colleagues in both the 1L and the 2L.
- Preparation and review of credit applications/presentations; presenting to committees and getting approvals for new transactions
- Structuring and negotiating term sheets, loan agreements, fee letters, and other legal documents from origination to execution
- Working with clients and coverage groups on originating new transactions, the syndication team on distributing risk and the CLO team on accessing public securitization markets
- Conducting due diligence on the Last Out lender’s process and investment materials
- Interfacing with multiple constituents within FSL and Morgan Stanley, more broadly, including the Asset Management team, Syndication team, Market Risk team, Credit Risk Management team, Operations team, and various client coverage teams to deliver a first-class product internally and externally
- Prepare ad hoc analysis as needed by senior management
- Reviewing complex assets within the DLF vertical and providing supervision for junior team members responsible for processing and managing more regular way asset approvals
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What This Job Offers
Job Type
Full-time
Career Level
Executive
Number of Employees
5,001-10,000 employees
