ING Capital Markets & Advisory Off-cycle Analyst Program (July 2025 for 6 months)

ING Capital Markets & Advisory Off-cycle Analyst Program (July 2025 - January 2026)
Corporate Finance / M&A ~ Acquisition Finance ~ Debt Capital Markets ~ Ratings Advisory ~ Loan Syndication ~ Loan Sales

Summary:
Opportunity to join the 6-month off-cycle Analyst Program in ING’s London Capital Markets & Advisory Group, within one of its departments (Corporate Finance/M&A, Acquisition Finance, Debt Capital Markets, Ratings Advisory, Loan Syndication or Loan Sales), to support on key initiatives and execution of live deals.

When applying, please provide your top three team choices (from the below) in your cover letter.

1) Corporate Finance / M&A
ING Corporate Finance team in London comprises over 30 professionals and provides advisory services on a wide range of M&A deals including buy-side, sell-side, buy-outs, and capital raise transactions. The team primarily covers the EMEA region across various sectors including Energy, Commodities & New Technologies, Transport & Infrastructure, TMT, PE Advisory, and Financial Institutions. A few notable deals include the acquisition of Kantar Media by H.I.G. Capital, HES Hartel by Impala Terminals, equity raise for Carbon Recycling International, and the acquisition of a majority stake in UES Investments by J.P. Morgan.

Main tasks include carrying out market and industry research, preparing company profiles and marketing materials, conducting financial statement analysis, forecasting business and financial performance of target companies, and preparing simple valuation models (DCF, relative valuation).

2) Acquisition Finance
ING’s Acquisition Finance team supports Private Equity and corporate clients by providing debt financing solutions for Leveraged Buyouts and recapitalisations. The team originates and executes transactions across industries for some of the world’s most sophisticated investors, consistently ranking within the top 10 Leveraged Finance Bookrunners in EMEA with a strong presence across Europe, North America, and Asia (the team in London covers the UK, Italy, Nordics, and Central Eastern European regions). You will regularly work alongside Capital Markets teams (e.g. High Yield DCM and Loan Syndicate) to structure and underwrite loan and high-yield bond solutions, and will also have the opportunity to work with other teams across the bank including Ratings Advisory, Corporate Finance, and Risk Management.

Main tasks include:

• Identifying and tracking new business opportunities, creating deep-dive materials when requested
• Reviewing due diligence reports and summarising key credit issues
• Preparing LBO models and relevant sensitivities based on discussions with the deal team
• Contributing to company, market and valuation (debt and equity) analysis
• Assisting in the preparation of pitch books
• Contributing to the preparation of credit papers including detailed financial, business and market analyses

3) High Yield Debt Capital Markets
Learn about Leveraged Finance with a specific focus on High Yield Debt Capital Markets transactions and origination. Develop knowledge of different bond structures, pricing, the primary and secondary market, execution of transactions, interest rates, swaps, and other money market instruments. Key activities include:

• Deal execution for refinancings, corporate M&A, and leveraged buyouts. This will include preparation of investor presentations to shape clients’ credit stories, structuring deal terms, guiding on bond documentation and liaising with clients, lawyers, and other banks
• Advising clients and pitching bond transactions, while always shaping ING’s advice in the context of clients’ broader capital structures
• Preparing market and pricing updates to keep clients abreast of changes in the macroeconomy, primary and secondary bond and loan markets
• Undertaking relevant analysis and identifying relevant comparables
• Liaising with other teams on new opportunities, identifying HY opportunities and educating ING counterparts on the product and current market environment

4) Ratings Advisory
ING Ratings Advisory focuses on providing in-house corporate ratings expertise, primarily by making recommendations on potential ratings outcomes for various financing structures under consideration. External ratings – typically those produced by the ‘big-3’ rating agencies (S&P, Moody’s, and Fitch) – increasingly represent the key facilitator of a corporate’s ability to access and optimise non-bank (and in certain cases bank) capital sources. For example, issuing a corporate bond very likely requires an external rating to allow institutional investors to participate.

The team consists of 8 professionals based in offices across London, Paris, New York, and Singapore. Our role is to effectively act as an internal rating agency – simulating and predicting the potential rating outcomes of the ‘big-3’ rating agencies. The team consists of ex-rating agency analysts who have extensive experience in rating companies, leading analytical teams, chairing rating agency committees, and writing criteria.

At its core, rating analysis is fundamentally credit analysis. As such, this role would provide any applicant with an excellent grounding in the fundamentals of credit risk – a skill which has material cross-over in many areas of banking, investing, and finance. It is one of the primary professional building blocks.

Main tasks include helping to produce analysis of rated peers (core to forming a ratings view); producing ratings specific content for client presentations; as well as supporting senior team members with various aspects of live deal execution.

5) Loan Syndication
The Loan Distribution Group is a dedicated distribution platform for all of ING’s financing activities in the primary and secondary loan markets and also covers the insurance market as a risk and/or capital distribution tool. The London team, comprised of over 25 professionals, covers the EMEA region across Leveraged Finance, Real Estate, Corporate, and Financial Institution-related transactions from a capital markets perspective and supports the wider Sector & Lending teams from a loan sales and insurance market perspective. ING is a consistent top-5 bookrunner in EMEA and the Loan Distribution Group plays a central role within ING’s capital velocity strategy.

Main tasks include assessing transactions, performing key credit analysis, preparing syndication advices, reviewing legal documentation, following loan market dynamics, preparing market updates, investor and comparables analyses, and/or looking after all transaction management aspects during syndication or the binding of insurance coverage.

6) Loan Sales
The Loan Sales team interacts on behalf of ING with the global loan investor market for all debt transactions where loans and loan-based products are distributed to the wider investor community, be this other banks, insurance companies, pension funds, or investment managers. Types of transactions include primary loan syndications or secondary loan sales across a wide range of origination sectors including Energy, Commodities & New Technologies, Transport, Infrastructure, TMT, Leveraged finance, and Corporate finance.

The Loan Sales team is located across 5 global hubs (London, Amsterdam, Brussels, New York & Singapore). We work closely with our internal partners taking ownership of the sales strategy and execution of these transactions as well as providing them valuable market insight during the structuring and distribution process.

Main tasks include assisting in the primary syndication process from launch to closing (including internal checks, preparation of the dataroom, and the syndication materials), the preparation of pitches, liquidity analysis, league tables, market overviews, and reports for both primary and secondary loan activity, working with different Loan Syndicate teams and understanding the dynamics in the different sectors, assisting the secondary loan desk with both internal and external secondary loan market inquiries.

Essential Requirements:

• Availability of 6 months
• Preference for candidates in their final year of study, with an excellent academic track record and on course for 2:1 or higher
• Prior experience through internships is of added-value but not a pre-requisite
• Strong interest in at least one of the areas covered above
• Excellent English verbal and written communication skills
• Highly numerate
• Strong eagerness to learn and who thrive in fast-paced environments
• Exhibit core ING values: candidates should be willing to take initiative, collaborate with others and think innovatively
• The successful candidate must, by the start of their employment, have a right to work in the UK
• Foreign languages are advantageous but not a pre-requisite

Your application must include:

1) CV

2) 1 page cover letter – must include your top 3 team choices

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