The Robert Toigo Foundation

High Yield Credit Analyst

T. Rowe Price
Published
January 9, 2018
Job Type

Description

Primary Purpose of the Position

The High Yield Credit Analyst will be responsible for the credit coverage of several major industry sectors and multiple individual company positions.  The individual will research new issues and existing high yield bonds as well as monitor the performance of existing portfolio holdings.

Principal Responsibilities

  • Conduct independent, fundamental credit research.  Analyze and explain economic, competitive, sector and political drivers that impact a borrower’s ability to repay its debt.  Develop well-researched short and long-term perspectives, resulting in the assignment of TRP bond ratings, conviction ratings, outlooks and investment recommendations.
  • Create historical and projected financial models, analyzing key financial metrics to differentiate improving from deteriorating credits.  Make buy, hold or sell investment recommendations incorporating the fundamental credit outlook.
  • Interact with management teams, other credit analysts, rating agencies, sell-side analysts, and other TRP investment professionals, including fixed income and equity analysts.  Assimilate and filter various sources of information to develop long term, well-researched investment theses on sectors and issuers.
  • Communicate credit opinions and investment recommendations orally and in writing to Portfolio Managers, traders, other TRP analysts, credit and advisory committees and external clients. Work within often tight time constraints to discuss recommendations first-hand with Baltimore and London- based Portfolio Managers.
  • Produce and communicate regular forecasts of bond performance in selected credits. Also develop and apply relative value metrics, seeking investments that generate above-average returns without excessive risk. Consider investments from a global opportunity set, including across different currencies.

Qualifications

Required

  • Experience understanding and evaluating company creditworthiness.
  • Ability to make judgments based on market knowledge.
  • Experience with financial statement modelling and analysis.
  • Inquisitive nature, driven to excel in all aspects of the analytical process.  Flexible, responsive and self-starting personality with keen attention to detail. Open-minded thought process and intellectual honesty.
  • Willingness to pursue and explore ideas and potential investment opportunities, supporting one’s ideas to questioning by Portfolio Managers and other analysts.
  • Excellent communication skills, written and verbal.
  • Self-starter who initiates and maintains active communication, especially with peers in other locations.

Preferred

  • Three – five years of high yield credit experience
  • Previous coverage of the Energy sector
  • Advanced degree (MBA)
  • CFA

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