DBRS Morningstar European Structured Finance team is looking for a highly motivated, team-oriented securitisation lawyer to join its European NPL team in Frankfurt. Focusing on the legal analysis, he or she will work with rating analysts on assigning ratings to European structured finance transactions, with a special focus on NPL, but also including ABS, CMBS, RMBS, Structured Credit and Covered Bonds.
Review and analysis of transaction documents, legal memoranda and/or legal opinions in the context of European structured finance debt issuances rated by DBRS Morningstar on consistency with the DBRS Morningstar’s legal criteria and other methodologies;
• Work with credit analysts on European NPL transactions, including portfolio and transaction level legal analysis, hereby contributing to successful execution of assigning ratings and publishing the related transaction-specific publications;
• Support and advise analysts and rating committee with regards to legal aspects of the structured finance transaction that may affect credit ratings;
• Communicate and discuss DBRS Morningstar’s position on legal matters to issuers and relevant third parties;
• Engage and manage the document review process of external counsel, if appointed;
• Contribute to the periodic review of DBRS Morningstar’s legal and derivative criteria;
• Provide day-to-day legal analysis support and assistance to rating analysts and other members of the structured finance legal team by interpreting and analysing documentation;
• Summarise legal terms of complex structured finance documentation (including, among others, term-sheets, prospectuses, cash management agreements) for further consideration and analysis by rating analysts and other members of the structure finance legal team; compile, organise and present summarised legal terms in a well written and concise fashion in rating committees;
• Provide support to analysts and other members of the structured finance legal team in the preparation and review of rating reports, and other related documentation;
• Perform research and analysis on various legal issues (including legal issues dealt with by newly enacted legislation) in connection with the structured finance debt issuances rated by DBRS Morningstar;
• Monitor legislative and case law developments and advise on changes as appropriate;
• Support drafting legal commentaries and research and contribute to the development of rating methodologies other than DBRS Morningstar legal and derivative criteria from time-to-time, as required;
• Represent DBRS Morningstar in meetings with market participants and at industry events;
• Mentor European junior securitisation analysts with regards to European structured finance document review, external counsel liaison, and transaction-specific or market research.
The ideal candidate will have a university degree in law and will have gained experience in non-performing loan acquisition financing, loan work-out and/or structured finance transactions in various jurisdictions in Europe. Experience in securitisations combined with working knowledge of portfolio financing transactions and restructurings in Europe is a plus. He or she combines an ability to identify legal risk, financial literacy and business sense with an ability to communicate legal and criteria issues clearly to both internal and external stakeholders.
Candidates should be willing to work in an environment with strong focus on team-work, have a strong worth ethic, an analytical mind set and attention to detail. The successful candidate will possess the interpersonal and presentation skills necessary to work with all levels of professional and executive staff as well as external contacts, including external counsel.
• University degree in law with strong academic credentials;
• 3+ years of experience in European securitisation transactions at a recognised law firm, financial institution, fund, rating agency or as in-house counsel;
• Experience in European securitisation and/or portfolio financing transactions with focus on non-performing loans;
• Knowledge of the European NPL market including the legal and operational aspects of loan work-outs and corporate restructurings;
• Excellent written and oral English language skills;
• Knowledge of another European language/s is a plus;
• Excellent interpersonal and communication skills (verbal and written);
• Self-starter and team player, who works with a sense of urgency in a fast-paced environment and who can work independently on assigned tasks as well as collaboratively with others by sharing information and supporting peers;
• Comfortable balancing long-term projects and the at-times urgent demands of daily work, with strong attention to detail;
• Ability to prioritise and manage multiple tasks, solid time management and organisational skills;
• Permission to live and work in the European Union. This position may require occasional European travel
Nice to have
• Knowledge of rating agency methodologies would be beneficial;
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.