Emerging Markets Sovereign Credit Analyst
Emerging Markets Sovereign Credit Analyst
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Job Description
Whatever their stage of life we provide over 108 million customers with the products and services they need to progress. From insurance to personal protection and savings to wealth management no matter the need were always there for them. And were always there for our employees. In 50 countries we work hard to inspire pride and a sense of belonging in our people. To provide opportunities that challenge them inspire them and reward them. And to create a culture thats open supportive and empowering. Because we know thats the real secret to success and the best way for us to keep building a better world for both our customers and the talented people who put them first.
Your work environment:
The headquarters of the AXA Group (GIE AXA) brings together our corporate activities. It provides guidance and support to subsidiaries around the world to ensure the coordination and monitoring of the Groups global strategy the application of its standards the consistency of commercial approaches and the sharing of best practices. The headquarters gathers approximately 1000 employees and is distinguished by its strong international culture 45 nationalities) which makes it a rich and stimulating place to work.
Within the Group you will join Group Investment & AssetLiability Management (GIA) department. GIA role is to consolidate local investment decisions leverage on financial expertise through the Group and steer investment ideas. The team works in close collaboration with AXAs worldwide investment teams and toptier investment managers including AXA IM to deploy capital across various asset classes. Overseeing over EUR600bn of Assets Under Management (AuM) GIA is organized into four teams (c.50 professionals) under the leadership of the Group Chief Investment Officer (Group CIO).
Within the department youll join the EM Sovereign Research team and report to CIO IMA.
The research coverage encompasses periodic 12 to 18 months) indepth credit assessment leading to an Internal Credit Rating and an Investment Eligibility status proposal to be presented to an internal credit committee for validation. The research coverage encompasses ongoing monitoring of newsflow drafting of surveillance notes in case of material events proposing adhoc credit review to propose a change in rating and or eligibility status.
AXA has developed an internal sovereign methodology to assess the creditworthiness of EM Sovereigns that also integrates the assessment of the credit materiality of E/S/G issues.
This job is based in Madrid or Paris.
Your job and daily missions:
JOB PURPOSE
Your mission is to assess the creditworthiness of EM Sovereigns and propose Internal Credit Rating for a set of EM Sovereigns relevant to AXA Groups investment portfolio.
You will also provide adhoc research analyses regarding the EM Sovereign Credit Research when relevant.
You will also contribute to the EM Sovereign Comprehensive Review EM Sovereign Research teams annual review of all EM Sovereigns in its coverage.
CONTEXT AND MAJOR CHALLENGES
To achieve its mission you will have the responsibility to cover a set of EM issuers relevant to AXA Groups credit book:
perform a fundamental credit analysis of issuers under your coverage
monitor the credit profile for your covered issuers with a special focus on the rating migration risk
You need to have a critical view on issuers based on various sources of information discussions with asset managers meetings and/or calls with the issuers and various market participants as well as rating agencies.
You will be confronted to lower level of data transparency and access to information than for analysts covering Developed Markets (DM) issuers. You are well conscious of this dimension when providing fair balanced credit assessments.
You need to understand the potential evolution of the factors impacting creditworthiness of these issuers under different scenarios (including stressed scenarios) and propose proper eligibility recommendation.
You will follow the financial markets economic newsflow and other credit events related to the issuers in your coverage and beyond. This comprehensive monitoring allows you to recommend changes in his/her recommendation. You also understand the mechanisms of the financial markets as well as advanced financial and economic concepts and theories.
You will work closely with the EM Sovereign Credit Officer to ensure consistency of research coverage and output. You may carry out other tasks for the EM local entities of AXA Group for the Group Risk Management (GRM) or for senior management.
KEY ACCOUNTABILITIES
Write indepth Credit Assessment (CA) reports with internal credit rating and proposals for eligibility status
Produce timely surveillance notes on key credit events
Provide feedback information or alert when changes in economic financial conditions are detected
Any other adhoc team project e.g. development of alert tool and other data analysis initiatives
Build relationships outside the team (asset managers GRM local entities etc) as well as outside the Group (with rating agencies issuers brokers etc).
Work closely with EM Sovereign Credit Officer
Why AXA Every day we work together for human progress by protecting what matters. A mission that puts a smile on your face and makes you want to get up in the morning !
One of the worlds leading insurers in the protection of property people and assets AXA is 145000 employees and contributors who are committed to our customers on a daily basis 51 countries in which we distribute our products and services and more than 90 million customers who place their trust in us worldwide. As a responsible corporate citizen AXA is committed to social and environmental causes on a daily basis. We are committed to an inclusive policy that recognizes and values individual differences. Do these ambitions speak to you Then come and change the world with us !
You will join:
- A responsible company towards people including its employees and customers and towards the planet
- A company with strong values
- A company promoting internal mobility and the training of its employees
- A company offering many benefits (learn more here: Reward & Benefits AXA Group
- A flexible company allowing hybrid work in the office and from home.
The information provided by applicants will be treated as strictly confidential and used for recruitment purposes only.
Lets talk about you:
MAIN COMPETENCIES AND EXPERIENCES
Strong credit analysis skills.
Analytical and technical skills enable you to perform the fundamental credit analysis of your covered issuers.
Strong understanding of global economics macroeconomic concepts and major financial indicators.
Strong writing and communication skills in English.
The targeted background for the EM Sovereign Senior Credit Analyst includes:
Masters degree in Economics Public Policy Finance or Business
Around 4 years of experience in credit analysis and relevant work experience in a financial or an international institution
Fluency in written and spoken English
CFA or equivalent can be a plus
Soft skills:
Autonomous to perform your fundamental reviews and communicating your recommendations.
Strong communication skills to clearly communicate your analytical convictions.
Ability to seek dialogue with your peers to understand and consider the different aspects of the various issues which can often be very complex.
Organization skills and ability to deliver under tight deadlines.
The headquarters of the AXA Group is based in Paris and brings together the Groups corporate activities. It is distinguished by its strong international culture.
Required Experience:
IC
Employment Type
Full-Time
