FID, SPG, FID Secured Lending, Corporate Credit Financing - Executive Director

Morgan Stanley's Institutional Securities Group (ISG) is a remarkably broad and diversified business. We provide institutions with almost every kind of financial product and service across the world's major markets. Whether you're interested in planning complex deals; trading on the moment-to-moment movements of the capital markets; analyzing the financial needs of a company or a wealthy family, Morgan Stanley is the place to be.

The Fixed Income Division (FID) is comprised of Interest Rate and Currency Products, Credit Products and Distribution. Professionals in the Division assess and actively manages risk, trade securities, and structure as well as execute innovative transactions in the fast-paced and constantly changing global markets.

Morgan Stanley FID Secured Lending group (“FSL”) is seeking an Executive Director to be part of its Corporate Credit Financing platform based in New York.

The Corporate Credit Financing team is looking for highly motivated, experienced candidates to spearhead the development of the First Out financing vertical. This involves MS lending direct to corporate private credit borrowers on a “first out” or super-senior basis with MS holding a portion of the risk and distributing the remainder via both private syndication and public securitization markets. The candidate would have credit underwriting and portfolio management responsibilities within the highly scaled Direct Lender Financing business. Prior extensive experience in corporate credit underwriting within a sellside and/or buyside institution is required for this role. In addition, the candidate will be responsible for origination of new lending opportunities from a combination of private credit managers and sponsors (via the MS Global Capital Markets team). The candidate will also play a critical role in building out scaled syndication channels.

FSL sits within Morgan Stanley’s Fixed Income Division and provides financing facilities to asset originators, aggregators and financial sponsors. FSL currently manages a portfolio backed by a diverse range of assets including private credit / corporate loans, fund capital commitments, consumer loans, residential and commercial mortgages, student loans, infrastructure loans and commercial real estate loans across the US, Europe, and APAC regions.

Daily responsibilities would include:

• Underwriting corporate credits including review of financials, diligence materials (commercial, legal, financial etc.), originator investment memos, QoE reports, etc. The candidate will distill this analysis into an MS internal investment memo to be presented to colleagues in both the 1L and the 2L.

• Preparation and review of credit applications/presentations; presenting to committees and getting approvals for new transactions

• Structuring and negotiating term sheets, loan agreements, fee letters, and other legal documents from origination to execution

• Working with clients and coverage groups on originating new transactions, the syndication team on distributing risk and the CLO team on accessing public securitization markets

• Conducting due diligence on the Last Out lender’s process and investment materials

• Interfacing with multiple constituents within FSL and Morgan Stanley, more broadly, including the Asset Management team, Syndication team, Market Risk team, Credit Risk Management team, Operations team, and various client coverage teams to deliver a first-class product internally and externally

• Prepare ad hoc analysis as needed by senior management

• Reviewing complex assets within the DLF vertical and providing supervision for junior team members responsible for processing and managing more regular way asset approvals

Qualifications:

Candidates must have the following background & skills:

• 10+ years of corporate credit experience in an underwriting / origination capacity (working knowledge of securitized products across credit and/or other asset classes is a plus)

• Degree from competitive undergraduate/graduate program

• Knowledge of Lev Fin market standards across key terms including ability to review and opine on termsheets, credit agreements, covenant setting, and LME mitigating provisions

• Presentation-creation skills in both Powerpoint and Excel

• Clear business writing & communication skills

• Experience reading, understanding, and negotiating loan documents

• Ability to interpret financial statements / memos and to build appropriate base and downside cases based on appropriate assumptions

• Corporate valuation skills based on appropriate comp set, DCF analysis, yield to maturity analysis etc

• Previous experience managing junior employees is a positive

Candidates will also demonstrate the following personal attributes:

• Strong work ethic

• Team player

• Proactive, energetic and self-directed

• Analytical

• Strong attention to detail

• Ownership mindset

• Strong oral / written communication and presentation skills

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work.

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Expected base pay rates for the role will be between $225,000 and $300,000 per year at the commencement of employment for Executive Director. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.

Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees.

It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law.

Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).