Fixed Income Division - Municipal Securities - Municipal Capital Markets / Municipal Lending - Associate (New York)

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Department Profile

The Fixed Income Division is comprised of Interest Rate and Currency Products, Credit Products and Distribution. Professionals in the Division assess and actively manage risk, trade securities, and structure as well as execute innovative transactions in the fast-paced and constantly changing global markets. Morgan Stanley aligns its municipal investment banking, underwriting, sales, trading, lending, and M&A advisory in one integrated organizational group under the umbrella of the Municipal Securities Division.

Background on the Team

Within Municipal Securities, the Municipal Capital Markets / Municipal Lending team is made up of experienced municipal market professionals focused on delivering financing solutions, capital markets expertise and transaction execution services to municipal and not-for-profit clients. The Municipal Capital Markets team focuses on public-market financing solutions, municipal tender transactions, new product development and investor analytics and marketing, while the Municipal Lending team focuses on direct lending, direct purchases, bridge financing and ongoing portfolio management.

Within this multi-faceted group, the Associate will support municipal capital markets activities, including municipal tender transactions, new municipal product development, investor analytics and investor marketing for public-market municipal transactions. The role will focus on analyzing financing structures, evaluating market conditions, and supporting transaction pricing and execution. The Associate will also support municipal lending activities, including direct lending, direct purchases, bridge loans, credit analysis, deal execution and ongoing portfolio monitoring.

Qualified Associate candidates will benefit from broad exposure to the municipal market through underwriting, structuring, lending and transaction execution activities. Qualified candidates will work with Public Finance investment bankers, internal credit and risk functions, municipal and not-for-profit borrowers, investors, sales, trading and other capital markets professionals.

Primary Responsibilities

Municipal Capital Markets

• Support the structuring, marketing and execution of municipal capital markets transactions, including tender offers and other liability management solutions.
• Assist in the development and evaluation of new municipal financing products and innovative transaction structures.
• Conduct investor analytics, including analysis of investor demand, market trends, pricing dynamics and transaction performance.
• Develop investor marketing materials and support investor outreach for public-market municipal transactions.
• Collaborate with Public Finance bankers, sales, trading and other internal stakeholders to develop financing solutions and support transaction execution.

Municipal Lending

• Support the origination, structuring and execution of municipal lending transactions, including direct loans, direct purchases and bridge financing.
• Perform financial and credit analysis, including cash flow modeling, debt capacity analysis and evaluation of borrower creditworthiness.
• Calculate and analyze transaction economics, including loan pricing, expected returns, profitability and sensitivity to funding costs and credit assumptions.
• Prepare transaction materials and support due diligence, internal credit approvals, documentation and closing processes.
• Monitor the municipal lending portfolio, including borrower financial performance, covenant compliance and ongoing credit developments.
• Coordinate with Public Finance bankers, credit, risk, legal and other internal stakeholders throughout the lending transaction lifecycle.

Qualifications

• Undergraduate degree
• Developed understanding of the municipal market
• Experience in municipal public finance, debt capital markets, municipal lending, credit analysis or another applicable structured finance/fixed income role
• Strong analytical and quantitative skills with advanced proficiency in Microsoft Excel and PowerPoint
• Experience with programming languages such as Python or VBA are a plus
• Excellent communication and presentation skills – written and verbal
• Curious, inquisitive, collaborative, attention to detail, analytical, self-starting, team-oriented
• Eager to use new technologies and data-driven approaches to enhance municipal capital markets, lending execution and portfolio monitoring processes
• Ability to perform in a fast-paced, dynamic environment and simultaneously manage multiple high priority projects

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 $150,000 and $200,000 per year at the commencement of employment 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.

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