Associate, Credit Solutions

Business Overview:

Asset Finance & Securitization (AFS)

AFS is a global business within BNP Paribas CIB, straddling activities across both Global Banking & Global Markets. The AFS umbrella includes several businesses, including includes Collateralized Loan Obligations (CLOs), Credit Solutions, Asset-backed Securities (ABS), Project & Infrastructure Finance, Transportation Finance, and Export Finance.

Credit Solutions is a strategic activity of BNPP that sits within the Asset Finance and Securitization Platform. Credit Solutions offers standardized and bespoke financing & capital solutions to credit investors, including the largest CLO managers and direct lenders globally. The collateral spans liquid to illiquid credit assets, focused on leveraged loans (broadly syndicated and middle market/private credit) and other high-yielding instruments. Products include shorter-dated mark-to-market financing (e.g., TRS, repo) against single-name instruments as well as financing against portfolios of loans, including (i) shorter-tenor warehouse financing intended to support CLO take-outs and (ii) longer-tenor senior portfolio financing that provides leverage to credit funds, supporting them through the lifecycle of their investment strategies. The adjacent CLO structuring team offers securitization (structuring and syndication) for leveraged and structured credit assets.

Candidate Success Factors:

Candidates are measured on the following four performance drivers, which will dictate how individual impact is considered on the Americas platform:

• Results and Impact
• Able to influence peers and team.
• Demonstrates good judgement when making decisions of high complexity and impact.
• Exercise appropriate autonomy in the execution and delivery of work.
• Responsible for driving outcomes, which have meaningful effect on team or department.
• Leadership and Collaboration:
• Creates trust with colleagues.
• Acts in leadership capacity for projects, processes, or programs.
• Client, Customer and Stakeholder Focus:
• Able to build relationships with a mix of colleagues and clients.
• Interacts regularly with management and department leaders.
• Demonstrates the ability to influence stakeholders at the team level.
• Compliance Culture and Conduct:
• Takes full responsibility for personal actions and demonstrates courage in facing problems and conflicts.
• Perceived as a person of high moral character; upholds corporate values and displays high ethical standards.

Responsibilities:

• Assist in the origination, structuring, portfolio management and syndication of structured finance transactions including but not limited to:

o Securitization-style Asset-backed Lending (ABL) facilities

§ CLO warehouses

§ Longer-term portfolio financing facilities (including rated structures)

o Net Asset Value (NAV) lending facilities

o Revolving credit facilities

o Hybrid structures

• Leverage BNP’s expertise in various asset classes by partnering with other business lines within Asset Finance & Securitization, including Project Finance & Infrastructure, Transportation Finance, etc., to provide holistic structured financing solutions to our clients

• Origination:

o Conduct market research to analyze and diligence new transactions

o Draft term sheets and negotiate terms for identified financing opportunities

o Develop meaningful relationships with existing and prospective clients

o Update the desk’s marketing materials

• Structuring and Negotiation:

o Provide analytical and project support on new and existing transactions

o Negotiate transaction legal and structural terms to best support the client’s ask whilst adhering to BNPP’s internal policies

o Create borrowing base models for bilateral credit facilities

• Transaction execution:

o Liaise with various internal functions:

§ Management: Present prospective transactions to management for business approval

§ Legal: Coordinate with internal and external counsel to protect the interest of the bank throughout the negotiation process

§ Risk: Prepare and present credit risk memos for credit risk committees in connection with mandated transactions and amendments, in particular:

• Model financial transactions using Excel for internal risk assessment including:

§ Transaction profitability analysis

§ Capital analysis to ensure that the desk meets its regulatory cap hurdles / RAROC

§ Middle Office: Coordinate internal booking and set up of the desk’s transactions

§ Finance/ P&L: Ensure proper recording of the desk’s capital exposure and profitability in the internal systems

• Syndication:

o Contribute to the desk’s de-risking effort by assisting the syndication of transactions to partner institutions

o Communicate with clients and syndication bank partners regarding portfolio-related matters

• Portfolio Management:

o Protect bank balance sheet as "first line of defense” by enforcing high standards of control on credit risk through:

§ Performing in-depth credit analysis of:

• leveraged loans (both single-name and portfolios; both broadly syndicated and direct-lending/private credit)

• other high-yield instruments (including high yield bonds, technology/venture debt, structured finance assets, project/infrastructure loans and aviation loans);

§ Monitoring performance of risk positions by maintaining internal financial models and analyzing business risks, capital structure, terms, valuation, and liquidity.

§ Reviewing the underlying collateral’s legal documentation, including credit agreements, indentures, intercreditor agreements, etc.

§ Participating in calls with and meetings with investment managers, company management, and other buy and sell-side professionals;

o Cover various distressed debt scenarios (pre-/during/post-bankruptcy; post-reorg, etc.), both for names where the bank has direct and indirect exposure and other assets of interest for the desk

o Prepare and submit quarterly and annual reviews on higher risk / watch-listed assets

o Provide real-time opinions on trading decisions and valuation, and defend to Trading, Risk and senior PMs

o Collaborate with research analysts (macro, sector, performing credit, distressed) to refine the desk’s macro and asset-level views

• Systems

o Strengthen the desk’s operational governance by participating in the maintenance and development of risk management systems

o Produce and monitor the desk’s exposure, risk and limit reports

Minimum Required Qualifications:

• Bachelor’s degree in Finance, Mathematics, Financial Engineering or related field
• Strong math/quantitative, communication, interpersonal and organizational skills
• Strong work ethic
• Attention to detail and accuracy is imperative
• Ability to:
• Multi-task
• Work in a fast-paced environment
• Consistently meet or beat deadlines
• Work effectively as part of a team

Preferred Qualifications:

• Masters Degree in Financial Engineering/Operations Research/etc.

• 1 years’ of proven formal banking or transaction-related experience and/or credit underwriting with a nationally recognized financial institution

• Experience with execution and/or underwriting of both cash-flow and asset-based transactions

• Strong technical skills including high proficiency with modelling, Excel, and VBA

FINRA Registrations Required:

SIE, Series 7/79 and 63 licenses will need to be obtained within a reasonable amount of time

CFTC Swap Dealer Associated Person (if yes, NFA Swaps Proficiency Program is required):

N/A

SEC Security-Based Swap Dealer Associated Person:

N/A

The expected starting salary range for this position in New York is between $150,000 and $200,000 annually. The actual salary may vary based upon several factors including, but not limited to, relevant skills/experience, time in role, base salary of internal peers, prior performance, business line, and geographic/office location.

About BNP Paribas:

BNP Paribas is a leading bank in Europe with an international reach across the US, EMEA and APAC. It has a presence in 65 countries, with nearly 190,000 employees. In the United States, BNP Paribas has built a strong and diversified presence to support its client base. We continue to grow and strengthen our commitment to the US market through our Corporate & Institutional Banking activities. We are one of a few non-US banks to offer a full value chain for our clients, from trading to financing, and clearing and custody in the US with the international footprint and capacity to deliver both globally and locally. Leveraging the strength of our European roots, our network can support clients in virtually every region of the world, enabling more connectivity and efficiency wherever our clients conduct business. We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world.

The bank employs nearly 6,000 people and has a presence in the country since the late 1800s in major cities including New York, Jersey City, Chesterbrook, PA, San Francisco, Boston, Chicago, Denver and Washington, DC.

As an international company with a global footprint, the unique cultures and viewpoints of our team members are an integral part of the fabric of BNP Paribas. We are a company with a purpose - to be a responsible and sustainable global leader. We aim to create an environment where our employees feel empowered to drive change, make an impact and be true to themselves. We employ talented individuals from a wide variety of backgrounds, locally and globally, and are inspired by our employees who help us in cultivating a diverse, equitable and inclusive workplace through initiatives such as our Diversity, Equity & Inclusion (DEI) Leadership Forum and Employee Resource Group (ERG) communities. We strive to be a workplace where all team members can grow and thrive and offer robust training, development and mentoring opportunities to make that vision a reality. Our leaders are deeply committed to DEI and highly accessible to our employees, consistently soliciting feedback on how we can continue to support our employees to reach their highest potential.

BNP Paribas. The Bank for a Changing World - https://usa.bnpparibas/en/homepage/join-us/our-opportunities/

BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to race, color, gender, age, creed, sex, religion, national origin, disability (physical or mental), marital status, citizenship, ancestry, sexual orientation, gender identity and gender expression, or any other legally protected status.

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