DBRS Morningstar European Structured Finance team is looking for a securitisation analyst at the level of Assistant Vice President (AVP).
The role should be based either in Frankfurt, Germany or in Madrid, Spain as part of a pan-European team and the analyst is expected to work closely with other European DBRS Morningstar offices.
The successful candidate will primarily conduct all the activities required to assign new ratings for European asset-backed securitisation (ABS) transactions as well as other relevant rating actions. Candidate should be willing to work in an environment with a strong focus on teamwork and have strong work ethics, an analytical and quantitatively oriented mind-set, and attention to details.
The successful candidate will possess the interpersonal, presentation and communication skills necessary to work with all levels of professionals, executives and external contacts.
The role offers wide opportunities to develop European structured finance experience in a client facing environment.
- Lead the analysis and/or support another lead analyst in the process of assignment of new ratings to European ABS transactions backed by various types of assets (auto loans and leases, consumer loans or credit cards) and, occasionally, transactions in other asset classes (e.g. RMBS, CLOs, NPLs).
- Lead the analysis and/or support another lead analyst in the process of monitoring and surveillance of Structured Finance transactions rated by DBRS Morningstar.
- Understand and utilise DBRS Morningstar’s rating methodologies, models and analytical tools.
- Analyse the asset-liability cash flow structures of ABS transactions using DBRS Morningstar’s cash flow tools and/or Intex.
- Study and analyse performance trends for existing transactions: credit enhancement, delinquencies, cumulative defaults, recoveries, prepayments, seasoning, excess spread and changes in collateral characteristics.
- Review or contribute to the review of transaction legal documentation and/or legal opinions, memoranda, transaction summaries or presentations in conjunction with DBRS Morningstar’s methodologies.
- Draft, review and/or finalise (in cooperation with other members of an analytical team) analytical documentation for both internal and external use, such as discussion papers, rating reports, press releases and research commentaries.
- Support senior analysts in their analytical and non analytical duties, including administrative work.
- Review transaction amendments and/or restructurings.
- Pro-actively participate in on-site reviews of originators with operational risk analyst.
- Prepare rating committee or discussion memoranda for a rating action or a rating resolution and/or support other lead analysts in drafting/preparing such material/documentation.
- Comply with all applicable policies and procedures and with the applicable regulation.
- Bachelor (or equivalent) degree in Finance, Financial Engineering, Mathematics, Physics, Economics or similar quantitative discipline.
- 5+ years of experience in an analytic role in structured finance or related areas at an advisory company, a bank, an investor or at a credit rating agency.
- Understanding of and experience in ABS transactions is required.
- Understanding of and experience in consumer finance frameworks and dynamics in auto finance, consumer credit or credit cards.
- Familiarity with and understanding of legal documentation supporting ABS transactions.
- Strong quantitative skills and experience in cash flow modelling and capacity to manage large data sets.
- Excellent written and oral English.
- Proficiency in Microsoft Excel and Microsoft Office programs.
- Demonstrated analytical abilities, with a high attention to details and focus on quality work.
- Ability to manage multiple projects and work in a team as well as independently in a dynamic environment under tight deadlines.
- Ability to learn new analytical approaches proactively and think creatively.
- Permission to work in the European Union. This position requires occasional travel within Europe.
Nice to have
- Masters, CFA designation (enrolment or completion) or PhD.
- Proficiency in other European languages such as French, Spanish, Italian and/or German.
- Knowledge of programming languages (VBA, Python, etc.).
DBRS Morningstar is a global credit ratings business, currently with 700 employees in eight offices globally. Formed through the July 2019 acquisition of DBRS by Morningstar, Inc., the ratings business is the fourth-largest provider of credit ratings in the world.
DBRS Morningstar is committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry. DBRS Morningstar is a market leader in Canada, the U.S. and Europe in multiple asset classes.
DBRS Morningstar rates more than 2,600 issuers and 54,000 securities worldwide and is driven to bringing more clarity, diversity of opinion, and responsiveness to the ratings process. DBRS Morningstar’s approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources.