PGIM Fixed Income: Principal, ABF Research - Securitized Products (Hybrid/Newark, NJ)

$200,000 - $225,000/Yr

Prudential Financial - Newark, NJ

Full-time - Senior

Newark, NJ

501-1,000 employees

Insurance Carriers and Related Activities

About the position

As a Principal within the public and private Securitized Products group of PGIM Fixed Income, you will play a pivotal role in the research and evaluation of bespoke U.S. and global transactions across the consumer, esoteric, and commercial Asset-Backed Financing (ABF) and Asset-Backed Securities (ABS) sectors. This position requires a deep understanding of the intricacies involved in these markets, as you will be responsible for underwriting new issues and secondary investment opportunities, negotiating document terms with issuers and sponsors, and analyzing collateral to develop modeling assumptions. You will also determine proprietary credit ratings and perform ESG reviews of issuers and transaction parties, assigning proprietary ESG Impact scores as part of your responsibilities. In this role, you will collaborate closely with senior associates and various internal teams, including portfolio management and in-house counsel, to assess investment suitability and relative attractiveness. Your ability to communicate effectively will be crucial as you present transaction-specific and sector-wide analyses to both internal and external audiences, including portfolio managers and clients. Additionally, you will be tasked with maintaining views on industry-wide issues that impact originators, broker/dealers, and investors, which may include monitoring regulatory changes and legal precedents that affect the market. The successful candidate will also undertake ongoing monitoring and analysis of portfolio positions to assess credit risk, credit ratings stability, cash flow volatility, and trading opportunities. This position is designed for an individual who is not only experienced in the field but also possesses a strong analytical mindset and the ability to work independently while contributing to a collaborative team culture.

Responsibilities

• Underwrite new issue and secondary investment opportunities within the consumer, esoteric and/or commercial ABF / ABS markets.
• Negotiate document terms with issuers, sponsors and other transaction parties.
• Analyze collateral to develop modeling assumptions.
• Determine proprietary credit ratings.
• Perform an ESG review of the issuer and transaction parties and assign a proprietary ESG Impact score.
• Present results from transaction-specific and sector-wide analyses to wider internal and external audiences, including portfolio managers and clients.
• Maintain views on industry-wide issues that impact originators, broker/dealers & investors.
• Monitor U.S. and global regulatory changes, accounting and capital requirement changes, federal, state, and global lending laws, and any legal precedents.
• Undertake ongoing monitoring and analysis of portfolio positions to assess credit risk, credit ratings stability, cash flow volatility, portfolio positioning and trading opportunities.

Requirements

• Minimum 10 years' experience in consumer, esoteric and/or commercial ABF / ABS.
• Prior experience in analyzing consumer, esoteric and/or commercial ABF / ABS transactions in a buy side or sell side research role.
• Demonstrated ability to prioritize and delegate tasks to accomplish key team priorities.
• Prior experience generating collateral performance assumptions, evaluating credit risk and negotiating deal terms.
• Robust knowledge of the ABF / ABS issuers, intermediaries, and investors.
• Solid understanding of U.S. and European securitization structures, legal foundations, and legal transaction documents.
• Demonstrated ability to source, underwrite, document and monitor transactions.
• Excellent attention to detail and the ability to work independently while contributing to the overall team culture.
• Strong verbal and written communication skills.

Benefits

• Medical, dental, vision, life insurance and PTO (Paid Time Off)
• Retirement plans: 401(k) plan with generous company match (up to 4%) and company-funded pension plan
• Wellness Programs to help you achieve your wellbeing goals, including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs
• Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional health, and career development.
• Tuition Assistance to help finance traditional college enrollment, approved degrees, many accredited certificate programs, and industry designations.