Emerging Markets Sovereign Credit Analyst

ABOUT AXA

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 we’re always there for them. And we’re 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 that’s open, supportive, and empowering. Because we know that’s 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 Group's 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 & Asset-Liability Management (“GIA”) department. GIA's role is to consolidate local investment decisions, leverage financial expertise through the Group, and steer investment ideas. The team works in close collaboration with AXA’s worldwide investment teams and top-tier 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, you’ll join the EM Sovereign Research team and report to CIO IMA.

The research coverage encompasses periodic (12 to 18 months) in-depth 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 news-flow, drafting of surveillance notes in case of material events, proposing ad-hoc 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 Ratings for a set of EM Sovereigns relevant to AXA Group’s investment portfolio.

You will also provide ad-hoc research analyses regarding the EM Sovereign Credit Research, when relevant.

You will also contribute to the EM Sovereign Comprehensive Review, EM Sovereign Research team’s 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 Group’s credit book:

1. perform a fundamental credit analysis of issuers under your coverage
2. 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 with a 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 recommendations.

You will follow the financial markets, economic news-flow, and other credit events related to the issuers in your coverage and beyond. This comprehensive monitoring allows you to recommend changes in your recommendations. 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

1. Write in-depth Credit Assessment (CA) reports with internal credit rating and proposals for eligibility status
2. Produce timely surveillance notes on key credit events
3. Provide feedback, information or alerts when changes in economic, financial conditions are detected
4. Any other ad-hoc team project, e.g., development of alert tool, and other data analysis initiatives
5. Build relationships outside the team (asset managers, GRM, local entities etc) as well as outside the Group (with rating agencies, issuers, brokers etc).
6. Work closely with EM Sovereign Credit Officer

Let’s talk about you:

MAIN COMPETENCIES AND EXPERIENCES

Technical skills:

1. Strong credit analysis skills.
2. Analytical and technical skills enable you to perform the fundamental credit analysis of your covered issuers.
3. Strong understanding of global economics, macroeconomic concepts, and major financial indicators.
4. Strong writing and communication skills in English.

The targeted background for the EM Sovereign Senior Credit Analyst includes:

1. Master’s degree in Economics, Public Policy, Finance or Business
2. Around 4 years of experience in credit analysis and relevant work experience in a financial or an international institution
3. Fluency in written and spoken English
4. CFA or equivalent can be a plus

Soft skills:

1. Autonomous to perform your fundamental reviews and communicate your recommendations.
2. Strong communication skills to clearly communicate your analytical convictions.
3. Ability to seek dialogue with your peers to understand and consider the different aspects of the various issues which can often be very complex.
4. Organization skills and ability to deliver under tight deadlines.