M&G India | Assistant Vice President (AVP) – Leveraged Finance Research

Accountabilities/responsibilities

• Grounded in a vibrant culture with strong foundations, we are central to how M&G is transforming as a business.
• This role is part of the front-office investments team and involves working closely with the onshore M&G Leveraged Finance Research team.
• This is a dual role and includes both team management and analytical contributions.
• The role has four primary areas of focus: 1) underwriting and recommending primary and secondary investment opportunities, 2) monitoring existing portfolio exposures and identifying emerging risks, 3) conducting thematic and sector research to support investment decision-making and 4) managing, mentoring and developing junior team members.
• The successful candidate will combine rigorous fundamental analysis and intellectual curiosity to develop differentiated credit views, challenge assumptions and provide actionable investment recommendations to portfolio managers and senior analysts.
• Work closely with onshore front-office leveraged finance analysts covering leveraged loans, private corporate credit opportunities, high yield bonds and other related opportunistic credit investments.
• Support the underwriting of primary and secondary opportunities, assessing business quality, industry dynamics, management execution, sponsor behaviour, financial performance and capital structure risk.
• Build and maintain detailed financial models covering earnings, cash flow, liquidity, debt capacity, leverage, covenant headroom and deleveraging pathways.
• Review credit agreements, bond indentures and intercreditor arrangements to assess security, guarantees, covenants, baskets, portability, structural subordination and lender protections.
• Participate actively in management meetings, lender presentations, sponsor discussions and due diligence calls, confidently challenging assumptions and testing the investment thesis.
• Prepare concise, decision-useful investment memos that clearly articulate the thesis, catalysts, key risks, downside protection, relative value and recommendation.
• Monitor portfolio investments continuously and act as the first line of defence in identifying deteriorating credit quality, liquidity pressure, covenant monitoring and refinancing risk.
• Conduct sector and thematic research to identify structural trends, vulnerable business models and attractive risk-adjusted opportunities ahead of consensus.
• Assess investments through an ESG lens, evaluating governance, sustainability and reputational factors that may affect long-term credit performance.
• Drive automation and enhancement of research tools and processes using Excel, Python, VBA, Power BI or other analytical technologies.
• Train, mentor and develop junior analysts through technical review, constructive challenge and continuous coaching.
• Established in 2003, we have offices in Mumbai and Pune.
• Reports to: Vice President – Private Markets Research
• Own it now: Putting your name on things with confidence to drive progress and results quickly

Requirements

• Knowledge, Skills, Experience & Educational.
• Deep understanding of leveraged finance, corporate credit and capital structures, including leveraged loans, high-yield bonds and private credit instruments.
• Good financial-statement analysis and modelling capability, including the ability to normalise EBITDA, identify adjustments and distinguish accounting earnings from sustainable cash generation.
• Strong understanding of credit agreements, bond indentures, covenant packages, security structures, intercreditor terms and restructuring or recovery mechanics.
• Proven ability to synthesise complex quantitative and qualitative information into decisive, well-supported investment recommendations.
• Ability to build trusted relationships, understand stakeholder priorities, communicate proactively, and align offshore delivery with onshore business expectations.
• Excellent written and verbal communication skills, with the ability to defend recommendations under rigorous scrutiny from senior stakeholders.
• High ownership, attention to detail and resilience, with the ability to deliver high-quality work under tight transaction timelines.
• Demonstrated ability to mentor junior analysts and raise analytical standards across a research team.
• Advanced Microsoft Excel skills and proficiency in Bloomberg and corporate credit research platforms.
• 9 - 12 years of relevant experience in leveraged finance, high-yield or loan research, private credit, credit underwriting, investment banking, rating advisory or a related discipline.
• Prior experience in managing highly effective teams is preferred.
• Demonstrable track record of underwriting complex credits and influencing investment, underwriting or risk decisions.
• Experience analysing sponsor-backed borrowers and event-driven transactions across multiple sectors and jurisdictions.
• Prior experience working directly with portfolio managers, investment committees or senior credit professionals is strongly preferred.

M&G India

M&G India is an employer hiring in India (sector: BFSI / Investments / Insurance). In its own words: "Feel confident in your long-term financial future with M&G."

Its finance, accounts, audit and tax openings in India are mostly in Mumbai and Pune.

• Industry: BFSI / Investments / Insurance