Senior Associate - Credit Research - Investment Grade & High Yield

Location: Delhi/NCR

Credit Research (both Investment Grade & High-yield):

- In depth study of the financial statements and building detailed fixed income financial models (Companies including US & Europe) including spreading of financials (Income Statement, Balance Sheet & Cash Flow Statement) for last 5 years, calculation of Free Cash Flow, Adjusted EBITDA based multiples, credit ratios, liquidity assessment, covenants check etc.

- Financial forecasting based on the analysis of operating statistics, key financial metrics, Industry research, company presentations etc.

- Detailed Debt structure analysis by segregating total debt on seniority wise (1st lien, 2nd lien & subordinate debt); calculation of leverage at each level. Creation of Pro Forma debt structure & maturity schedule for new issuance)

- Debt Maturity Analysis with liquidity calculation and credit facility study;

- Writing Credit memo including company description, S&P and Moody's Ratings Rationale, operating footprints, growth strategy, financial targets, covenant compliance, credit facility availability, SWOT Analysis, Long term outlook etc.

- Quarterly detailed earning write-ups including financials performance versus consensus, company guidance, Capex estimation, funding plan etc.

- Relative Valuation (for bonds) :Comparison of Bond prices, Yield to maturity & Yield to worst, OAS, key credit ratios etc.