Role Overview:

We are looking for candidates with hands-on experience in credit research and fixed income securities investment analysis including Investment Grade Bonds, High-Yield Bonds, Distressed Bonds, Leveraged Finance, Sukuks, financial bonds such as AT1s/ perpetuals, and Sovereign Bonds. The candidates should have experience analyzing corporates / banking / sovereign issuers across global markets including US, Europe, GCC, Africa, and Asia Pacific. The candidate should have hands-on experience in preparing research recommendation notes / memos / tear sheets, financial models (cash flow / recovery / valuation), industry reports, bond watchlists and screeners, and portfolio monitoring in a quick-paced direct lending environment.

Key Responsibilities

Credit Research, Analysis, & Underwriting

- Initiate quick-turn investment profiles / teasers for corporates / financial institutions / sovereigns. Support Investment Committee (IC) memos with clear recommendations
- Assess business model, industry risks, and capital structure
- Initiate detailed financial models (cash flow, liquidity, debt schedules). Conduct downside / scenario analysis and identify key risk triggers
- Analyze financial statements, liquidity, leverage, and debt repayment profile of issuers
- Relative valuation of bonds by assessing yields, spreads, duration, ratings, and ranking of bonds
- Build internal ratings model for above mentioned securities

Bond / Loan Pricing Valuation:

- Build and maintain private credit valuation and pricing models (DCF-based) for illiquid bonds and loan-format securities (bullet & amortizing),



including SAR/local currency instruments
- Develop credit spread frameworks using financial KPIs (leverage, ICR, cash flows), market benchmarks, and illiquidity/structural adjustments
- Perform scenario analysis, recovery modelling, and sensitivity analysis to support fair value (IFRS Level 3), NAV reporting, and investment decisions

Portfolio Monitoring

- Track portfolio performance, liquidity, and covenant compliance
- Identify early warning signals and covenant breaches
- Support quarterly reviews and ongoing credit updates

Execution Support

- Handle multiple live deals with tight turnaround timelines
- Work closely with onshore teams / PMs / deal teams
- Maintain high quality and consistency across deliverables

Functional Requirements:

- CA / MBA Finance / CFA preferred
- Strong experience in credit research / bonds assessment / leveraged finance
- Experienced in supporting fund managers in pre-fund launch support, asset allocation strategies, deal evaluation and underwriting
- Hands-on financial modelling (cash flow-based)
- Exposure to IC memos / credit notes / deal write-ups
- Understanding of capital structures, covenants, and debt instruments
- Ability to work in high deal-flow, fast turnaround environments.

Added Advantage:

- Experience with direct lending / private credit funds / structured finance / KPOs serving buyside
- Experience in GCC markets
- Exposure to monthly cash flow modelling, PIK interest, amortization schedules
- Loan pricing valuation models
- Portfolio monitoring / covenant tracking experience
- Tools: Bloomberg / Capital IQ / Excel (advanced)

📌 Analyst / Senior Research Analyst (Mumbai)
🏢 Aranca
📍 Mumbai