Buy-side Fixed Income & Credit Research Analyst (Associate / Senior Associate / Delivery Lead)

Job Title

Buy-side Fixed Income & Credit Research Analyst (Associate / Senior Associate / Delivery Lead)

Location: Bengaluru, Pune, Gurgaon [Hybrid]

Team: Credit Research / Fixed Income

Role Summary

We are looking for a Fixed Income & Credit Research Analyst to do fundamental credit analysis with knowledge of DCF and relative valuation.

Key Responsibilities/Role requirements

Core Credit Research

• Build bottom-up financial models with forecasts (3statement, segment-level, KPI based) including liquidity, leverage, recovery analysis and coverage forecasts.
• Conduct capital structure analysis: debt stacks, ranking/priority, guarantees, collateral, structural subordination, etc.
• Valuation: Bonds and loans relative value, spread analysis, recovery waterfalls, EV/EBITDA, DCF, and scenario-based pricing.
• Prepare credit memos which capture credit risks, mitigants and view on the trend of credit fundaments of the issuer.
• Perform peer benchmarking and comp analysis (profitability, leverage, FCF conversion, capex intensity, credit metrics).
• Ability to review news/events and a provide view/impact on the issuer
• Ability to screen loan and bond documents: credit agreements, indentures, offering memoranda, amendments/waivers, intercreditor agreements, compliance certificates and company filings etc.

Special Situations / Event-Driven

• Analyze M&A, LBOs, spin-offs, asset sales, assess pro forma leverage/coverage, covenant headroom, and refinancing risks.
• Assist with distressed/special situations work: restructuring frameworks, recovery analysis, covenant reviews, liquidation vs. going-concern outcomes.
• Model default and recovery scenarios, including waterfall analysis across the capital structure.
• Exposure to US HY and Distressed sector and or CFA would be an added advantage

• Professional Skills: Ability to take prioritize and successfully follow through on tasks; deliver results within stringent deadlines during live deals. The ideal candidate should also show a desire for achievement and commitment to the investment process and to learn and grow their expertise in the field.