Fixed Income Division - Analyst / Associate, Commodity Structurer

Job description

Morgan Stanley

Commodity Structurer Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries. As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence, and strong team ethic.

Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture. The Fixed Income Division is comprised of Commodities, 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.

The Commodities Division, with 200+ front office employees, is a market leader in energy, metals, and agricultural product trading worldwide whose professionals trade in both physical and derivative commodity risk. Within the Commodities Division, North American Power and Gas desk (“NAPG”) trades physical and financial power and gas. NAPG structures and manages transactions in duration of one to twenty plus years across a large and growing client base.

NAPG provides load-following services, manages resources including tolls for power generation assets and provides various risk management needs for municipals, commercial and industrial load, load aggregators, independent power producers and renewable generation developers. The Global Commodities Structuring Group works closely with Commodities Origination and Trading teams to model transactions, negotiate client confirmations, book trades and coordinate with second line functions (strats, operations, credit, valuation control, legal, finance).

Structuring also plays key role to ideate and implement initiatives around new client solutions, trading risk management strategies, pricing and capital frameworks and execution process. This role is for a Structurer in the Global Commodities Structuring Group focused on NAPG, based in Houston (preferred) or New York.

Responsibilities

A successful candidate would be able to develop a deep understanding of market structure, fundamentals, and client solutions within NAPG markets. The candidate would work closely with the power and gas origination and trading teams including managing risk, executing complex trades, and coming up with ideas to mitigate risks and create PnL opportunities.

Specific tasks will include:

• Develop in-depth understanding of client motivations, pricing methodologies, market risk and credit risk management strategies, firm systems, and the transaction lifecycle for physical and financial gas deals
• Perform pricing analysis and coordinate with strats, trading and other relevant groups to help position the firm to win client mandates
• Ability to coordinate transaction execution process and act as liaison between commodities and other client-facing teams such as IBD coverage, structured finance & lending and capital markets
• Prepare client marketing materials as well as internal presentations for structured transaction review process
• Perform adhoc credit and market risk analysis in collaboration with internal risk review groups Prior to execution, help develop the booking plan and review deal confirmations in coordination with origination, trading, legal, operations, and credit teams Book trades upon execution and report PnL and risk to finance and risk control groups
• Review current structured portfolios and update modeled parameters as required for live deals
• Work with second-line teams to improve infrastructure, risk management, operations
• Act as a backup in absence of team members
• Work with middle office and back office on PnL and trade reconciliation, including investigating and resolving breaks
• Work with IT to improve processes and systems, including automating recurring analysis and reporting
• Act as a backup in the absence of team members Requirements: Bachelor's or Master's degree in finance/financial engineering, computer science, other engineering, mathematics, or another quantitative discipline 1–3 years of relevant industry experience; experience in the energy markets (natural gas or power preferred) or energy infrastructure project finance are a plus
• Demonstrated interest in energy markets, particularly natural gas or power, through work experience, coursework, or independent study
• Strong knowledge of Microsoft Excel and PowerPoint required
• Strong analytical aptitude, communication, and attention-to-detail skills required Coursework covering at least any one of the following topics required: corporate finance, financial accounting, probability & statistics, credit fundamentals Advanced coursework in financial mathematics, option theory, is a plus, but not required Programming experience (e.g., Python, C++, Scala, or other) is a plus, but not required 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.

To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices​ into your browser. Expected base pay rates for the role will be between $110,000 and $125,000 per year at the commencement of employment for Analyst or $150,000 - $200,000 per year for Associate. 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 is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents. Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences.

For more information, please visit

https://www.morganstanley.com/people-opportunities/eeo .