European High Yield Credit Analyst

Asset & Wealth Management Overview

A career with Goldman Sachs Asset & Wealth Management is an opportunity to help clients across the globe realize their potential, while you discover your own. As part of one of the world’s leading asset managers with over $3 trillion* in assets under supervision, you can expect to participate in exciting investment opportunities while collaborating with talented colleagues from all asset classes and regions and building meaningful relationships with your clients.  

Fixed Income & Liquidity Solutions Overview

Fixed Income and Liquidity Solutions, within Public Investing, manages more than $1.7 trillion* in assets for a variety of clients, including private wealth mandates and institutional clients such as insurance companies, pension funds, and endowments. The team has a long history of investing across public fixed income strategies including rates, currency and credit on behalf of our clients. Investment ideas are created through collaboration between portfolio managers, research analysts, and traders.

Role Overview

The European High Yield Credit Analyst role is an integral part of the High Yield & Bank Loan investing team. The Analyst will be responsible for analyzing companies that operate across a range of sectors/sub-sectors. Duties include performing sector and company due diligence, modeling/forecasting company financials, and preparing/presenting high yield bond and leveraged loan recommendations. Ongoing maintenance research entails monitoring and reporting on an assigned coverage list, assessing risk/return and relative value, and identifying/presenting new investment opportunities across a broad range of credit strategies. A successful candidate must demonstrate a commitment to a team-oriented culture and possess a natural inquisitiveness and enthusiasm for investment research. Strong financial modeling, advanced written/verbal communication skills, and an ability to apply a critical thinking mindset, are key attributes needed to be successful.

Responsibilities

• Establishing analytical frameworks to review sectors/industries
• Performing ongoing due diligence, self-monitoring of portfolio positions and key credits, and pushing periodic updates in a timely fashion 
• Analyzing European-focused high yield and leveraged loan issuers across a range of sector/industries, via financial modeling, accounting review, interaction with management teams and sell-side analysts, and the assessment of company/management communications and third-party research
• Assessing the relative value of European high yield bond and leveraged loan investment opportunities through the analysis and interpretation of sector trends, market drivers, regulatory risks, issuer strengths/weaknesses, capital structure considerations, financial projections, comparative company analysis, and legal/covenant structure considerations
• Recommending investments across a range of portfolios (e.g. differing risk appetites, restrictions on currencies/countries, ESG mandates, etc.) and updating/defending recommendations with Investment Committee team members across the globe through both oral and written research communications

Qualifications

• 3-7+ years’ experience in research, investment management, or investment banking
• Demonstrable interest in, and commitment to, investment research
• Sound accounting background, strong financial modeling skills, and knowledge of capital structure 
• Strong social and communication skills (oral and written) and willingness to work in a team environment
• Advanced qualifications – not required but a strong plus:
  • Prior European High Yield and/or Leveraged Loan investing experience
  • Advanced credit analytical skills – including detailed covenant analysis 
  • Stressed/distressed credit investing and workout experience 
  • MBA and/or CFA study (at any level)