Global Capital Markets Liability Management Associate – New York

Morgan Stanley • New York, NY

1d

About The Position

When clients need capital, Global Capital Markets (GCM) responds with market judgments and ingenuity. Whether executing an IPO, a debt offering or a leveraged buyout, GCM integrates Morgan Stanley’s expertise in Sales and Trading and Investment Banking, offering clients seamless advice and sophisticated solutions. GCM originates, structures and executes public and private placement of equities, investment-grade and noninvestment-grade debt and related products. The group provides fresh ideas and broad distribution to help clients get the most out of each stage of a transaction and continually develops capital markets solutions to enable clients to mitigate strategic, operational, credit and market risks.
The Liability Management team advises corporate clients on a wide range of balance sheet optimization and capital structure initiatives. We are deeply involved in complex, high-impact transactions and strategic discussions, working at the intersection of capital markets, M&A, and corporate finance. This role offers significant exposure to senior client executives, internal product partners, and cross-divisional collaboration.
Associates on the Liability Management team play a central role in the origination, structuring, and execution of transactions, including:
Tender offers, exchange offers, and consent solicitations across investment grade, high yield and emerging markets
Structuring and executing liability management exercises designed to optimize capital structure, extend maturities, reduce interest expense, and enhance financial flexibility
Advising clients in connection with strategic M&A and Spin transactions, including indenture amendments, obligor exchange offers, and other capital structure solutions to achieve efficient post-close capital structures
Partnering closely with Sales & Trading to execute open market repurchase programs on behalf of corporate clients
Coordinating cross-functionally with Debt Capital Markets, Leveraged Finance, M&A, Ratings Advisory, Legal, and other product groups
Preparing detailed financial models, transaction analyses, and client presentation materials
Managing transaction processes, timelines, documentation, and due diligence
Associates are expected to take on meaningful responsibility in client communications and internal strategy discussions from early in their tenure.

Requirements

• 3–5 years of relevant experience in investment banking, capital markets, leveraged finance, restructuring, or a related field
• Strong understanding of fixed income markets, debt documentation, and capital structure dynamics
• Advanced financial modeling and analytical skills
• Excellent written and verbal communication skills
• Ability to manage multiple workstreams in a fast-paced environment

Nice To Haves

• Experience with tender offers, exchange offers, consent solicitations, or other liability management transactions is strongly preferred
• Demonstrated interest in strategic finance and M&A-related capital structure advisory

Responsibilities

• Origination, structuring, and execution of transactions, including tender offers, exchange offers, and consent solicitations across investment grade, high yield and emerging markets
• Structuring and executing liability management exercises designed to optimize capital structure, extend maturities, reduce interest expense, and enhance financial flexibility
• Advising clients in connection with strategic M&A and Spin transactions, including indenture amendments, obligor exchange offers, and other capital structure solutions to achieve efficient post-close capital structures
• Partnering closely with Sales & Trading to execute open market repurchase programs on behalf of corporate clients
• Coordinating cross-functionally with Debt Capital Markets, Leveraged Finance, M&A, Ratings Advisory, Legal, and other product groups
• Preparing detailed financial models, transaction analyses, and client presentation materials
• Managing transaction processes, timelines, documentation, and due diligence
• Client communications and internal strategy discussions

Benefits

• At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered.
• Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences.
• We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry.
• There’s also ample opportunity to move about the business for those who show passion and grit in their work.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed