Non-Agency CMBS Trading - Fixed Income Division - Analyst/Associate

Morgan Stanley • New York, NY

4d

About The Position

Morgan Stanley's Securitized Products Group (SPG) is seeking an experienced Analyst to Associate level candidate to join the Non-Agency CMBS Trading team within the Fixed Income Division. This is a complex and growing portfolio of businesses within Morgan Stanley that serve a wide range of clients to execute on their business strategies. The Fixed Income Division 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.

Requirements

• 0–2 years of experience in CMBS, structured credit, securitized products, or leveraged finance, preferably in a trading, sales, or banking capacity.
• Strong understanding of non-agency CMBS products, including SASB, conduit transactions, CRE CLOs, and CMBX.
• Demonstrated ability to analyze relative value across credit products and manage risk in a fast-paced trading environment.
• Strong quantitative, analytical, and problem-solving skills.
• Excellent communication and interpersonal skills, with the ability to interact effectively with clients and internal stakeholders.
• Proven ability to manage multiple priorities and perform under tight deadlines.
• Series 7 and 63 licenses (or ability to obtain within a reasonable timeframe).

Nice To Haves

• Familiarity with commercial real estate (CRE) underwriting and credit analysis.
• Experience working with trading desks in securitized products or credit markets.

Responsibilities

• Price, hedge, evaluate, manage book, and engage clients as a Non-Agency CMBS trader and market maker across the capital structure.
• Assess relative value across the CMBS credit landscape, including conduit deals, single-asset/single-borrower (SASB) transactions, CRE CLOs, and CMBX indices, incorporating views on underlying commercial real estate fundamentals and macro credit conditions.
• Formulate, express, and execute trade ideas in non-agency CMBS and related credit, interest rate, and equity hedging instruments.
• Interact with diverse client base to provide liquidity as a market maker and build firm relationships.
• Assist desk with daily risk, PNL reporting, compiling market color, indications, and weekly commentary.
• Maintain frequent dialogue with teams internally including but not limited to: IT, strats, sales, trading desks, research, operations, and finance.

Benefits

• Comprehensive employee benefits and perks in the industry.
• Opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered.
• 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: Entry Level
• Education Level: No Education Listed