Analyst/associate, Structured Product Valuation

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Department: GBAM - PriceServe – Fixed Income Securities Pricing

PriceServe is a fast-growing business at Merrill that helps to value clients' portfolios. Customers (including hedge funds, money managers, mutual funds, banks, and insurance companies) pay PriceServe to provide high-quality, informed valuations for securities and loans in their portfolio. The need for transparency and disclosure has become increasingly important to institutional investors. PriceServe uses fundamental analysis and in-depth understanding of deal structure on ABS/RMBS/CLOs along with market color in its valuations. Evaluators work closely with Trading and Research to provide customized solutions to our clients.

Job Description

• Evaluate valuations for Mortgage-backed securities, Asset-backed securities, Structured Products, CLOs, and Corporate credit, with an emphasis on harder-to-value securities
• Work with the structured product trading desks to gather trading prices, spreads, and other pricing data
• Develop understanding of deal and waterfall structure and collateral risks and attributes
• Select appropriate prepayment and default scenarios to correctly value securities and run cash flows on securities
• Discuss assumptions and cash flows with clients and respond to client pricing disagreements
• Gather and organize market data to be used in bond valuation work
• Utilize research and research models to analyze loss and prepayment assumptions
• Develop procedures to meet deadlines and to facilitate client delivery and quality control
• Pursue missing or incomplete data from research and trading desks

Candidate Requirements

• Strong analytical experience
• Strong intellectual curiosity and interest in Fixed Income securities
• Some experience with Bloomberg
• Highly proficient in using Microsoft Excel, strong preference for VBA and other automation skills
• Ability to work under a time pressure and to meet stringent deadlines
• Ability to understand a financial offering circular and trustee report

Minimum Education Requirement: Bachelor's degree in related field or equivalent work experience

Shift: 1st shift (United States of America) Hours Per Week: 40

Pay and benefits information Pay range $70,000.00 - $175,000.00 annualized salary, offers to be determined based on experience, education, and skill set. Discretionary incentive eligible This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company. Benefits This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources, and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.