CMBS trader - Associate

Department Overview Nomura's Global Markets department provides liquidity, market insights, and execution services to clients worldwide across various asset classes, including equities, fixed income, currencies, and commodities. The team's focus on innovation and technology provides clients with access to cutting-edge trading platforms and customized solutions. Nomura's Global Markets team specializes in market-making, risk management, and electronic trading, with a strong global presence and reputation for exceptional service to clients. With expertise, global reach, and commitment to innovation, Nomura's Global Markets department is well-positioned to continue driving growth and success in the financial industry. Job Description – Primary CMBS Trader TheCMBS Primary Traderis responsible for structuring, pricing, and distributing new-issue commercial mortgage-backed securities across Conduit, SASB, and CRE CLO platforms. This role requires advanced quantitative modeling, strong understanding of deal mechanics, and the ability to bridge structuring analytics with investor and syndicate execution. The ideal candidate combines deep technical proficiency in CMBS cash flow modeling with strong organization and communication skills. Key Responsibilities Leadstructuring and pricing analysisfor primary CMBS conduit transactions, optimizing tranche sizing, credit enhancement, and spread targets. Collaborate withBanking, Underwriting and Securitizationteams to design efficient structures that balance investor demand, capital efficiency, and regulatory requirements. Build and maintain detailedbond-level cash flow modelsusing Intex, Bloomberg, Excel, and proprietary tools. Develop and refinedeal comparablesand relative value frameworks across vintages, shelves, and product types (Conduit, SASB, CRE CLO). Partner withSales and Syndicateto provide investors with detailed structural analysis, collateral summaries, and pricing rationale. Manage pipeline risk in conjunction with risk management, including pre-pricing and hedging strategies. Monitor and interpret primary market spreads, issuance trends, and macro factors affecting CMBS and broader credit markets. Technical Qualifications 2+ yearsof experience in CMBS Conduit structuring Comprehensive understanding ofCMBS capital structures, cash flow waterfalls, prepayment, credit enhancement mechanics, and tranche interdependencies. Modeling skills inIntex, Trepp, and Bloomberg functions. Advanced Excel proficiency (formulas, macros, data tables); experience withVBA, Python, or SQLfor custom analytics preferred. Strong command ofloan-level analytics—DSCR, LTV, occupancy, property type concentration, and geographic diversification. Familiarity withrisk retention structures, B-piece execution, and regulatory capital implications. Manage pipeline risk in conjunction withRiskteams, including pre-pricing andhedging strategies. Monitor and interpret primary market spreads, issuance trends, and macro factors affecting CMBS and broader credit markets. Qualitative Skills Highlyanalytical and detail-oriented, with a rigorous approach to modeling and verification. Excellentverbal and written communicationskills to convey structural logic and trade rationale to both technical and non-technical audiences. Strongcollaboration skills, especially across origination, underwriting, and sales teams. Capable ofmanaging multiple deals simultaneously in a fast-paced environment with tight deadlines. High level ofprofessional judgment and integrity, with sensitivity to confidential transaction data. Preferred Qualifications Bachelor’s degree inFinance, Economics, Engineering, Mathematics, or another quantitative discipline; advanced degree or CFA a plus. Established relationships withrating agencies, accounting firms and B-piece buyers advantageous. #J-18808-Ljbffr Nomura