Commercial ABS, Credit Research Analyst Director

Commercial Abs, Credit Research Analyst

Barings is seeking a highly motivated and experienced professional to join its ABF (Asset-Backed Finance) team as a Director, Credit Research Analyst specializing in Commercial Abs transactions. The individual will be responsible for leading credit research, analysis, and underwriting of private and public market commercial Abs transactions with a dedicated focus on Transportation (Aviation, Rail), Digital Infrastructure (Data Centers, Fiber), and Esoteric Abs (Franchise, Whole Business) sectors.

This position requires deep expertise in evaluating complex asset-backed structures, conducting comprehensive credit analysis of underlying collateral, and making informed investment recommendations across the capital structure. The individual will work closely with portfolio managers, investment professionals, risk partners, and internal stakeholders to identify attractive investment opportunities, support transaction structuring and execution, and monitor portfolio performance. This role demands strong analytical capabilities, excellent communication skills, and the ability to develop credit views independently while collaborating effectively across a global team.

Key Responsibilities

Credit Research & Analysis

• Lead comprehensive credit analysis and due diligence of commercial Abs transactions across Transportation, Digital Infrastructure, and Esoteric Abs sectors.
• Evaluate originator and servicer capabilities, business models, operational track records, and credit risk management frameworks.
• Analyze collateral pools, performance data, vintage trends, and stratifications to assess credit quality and projected performance.
• Assess legal and structural elements of Abs transactions, including waterfall mechanics, credit enhancement features, triggers, and covenants.
• Develop independent credit views on asset fundamentals, including technology trends, regulatory developments, competitive dynamics, and business model risks.

Investment Evaluation & Execution

• Screen, underwrite, and support approval of new investments in both public and private commercial Abs markets.
• Prepare detailed investment memos, exhibits, and presentations for internal approval and investment committee processes.
• Perform scenario, sensitivity, and stress analyses to evaluate structural resilience, downside protection, and expected returns across economic cycles.
• Utilize cash flow models and analytical tools to form opinions on future asset and transaction performance.
• Engage directly with issuers, arrangers, bankers, originators, and other transaction stakeholders throughout the investment process.

Portfolio Surveillance & Monitoring

• Monitor ongoing performance of existing investments versus underwritten expectations and identify emerging risks or opportunities.
• Analyze monthly/quarterly collateral and transaction performance reports, including delinquencies, defaults, losses, prepayments, and structural triggers.
• Recommend actions based on asset performance trends, covenant compliance, and structural changes.
• Maintain regular dialogue with issuers and servicers to stay informed on portfolio developments and operational updates.

Research, Thought Leadership & Collaboration

• Author sector research, market commentary, and thematic reports on sector trends.
• Contribute to analytical frameworks, underwriting standards, and investment guidelines for commercial Abs sectors.
• Represent the firm at industry conferences, investor meetings, and client engagements.
• Collaborate with cross-functional partners including portfolio management, risk, operations, legal, finance, and technology teams.
• Mentor and support junior team members, fostering analytical rigor and professional development.

Qualifications

Education & Experience

• Bachelor's degree in Finance, Economics, Engineering, Mathematics, Accounting, or a related quantitative discipline preferred.
• 715 years of relevant experience in structured finance, asset-backed securities, commercial credit analysis, or specialty finance, with demonstrated expertise in Transportation, Digital Infrastructure, and/or Esoteric Abs sectors.
• Direct experience analyzing and underwriting commercial Abs transactions in both public and private markets is highly preferred.
• Buy-side, sell-side, rating agency, or lending experience in asset-backed finance or structured credit is valued.

Technical Skills & Knowledge

• Strong Excel-based financial modeling and analytical skills with a disciplined, well-structured, and detail-oriented approach.
• Deep understanding of commercial Abs structures, collateral performance analytics, and credit fundamentals.
• Experience with cash flow modeling platforms such as Intex, or similar tools.
• Proficiency with Bloomberg, data analysis tools, and transaction databases.
• Familiarity with Transportation, Digital Infrastructure, and/or Esoteric Abs asset classes, including knowledge of industry fundamentals, regulatory frameworks, and performance drivers.
• Programming or data analytics skills (e.g., Python, SQL, R, VBA) are beneficial but not required.

Professional Attributes

• Excellent written and verbal communication skills, with demonstrated ability to clearly articulate complex credit views and analytical findings to senior stakeholders, investment committees, and external counterparties.
• Strong attention to detail, sound judgment, and intellectual curiosity with the ability to independently develop credit opinions.
• Ability to manage multiple priorities and projects simultaneously in a fast-paced, dynamic environment while maintaining high-quality analytical outputs.
• Collaborative mindset with strong interpersonal skills and a team-oriented work ethic.
• Results-oriented and self-motivated with a passion for credit analysis and structured finance.

Preferred Qualifications

• Cfa charter holder, Cfa candidate, or other relevant professional designations (e.g., CAIA, Frm).
• Advanced degree (Mba, Ms Finance, or related field) is a plus.
• Established relationships and credibility with market participants including issuers, arrangers, investors, and industry participants in Transportation, Digital Infrastructure, and Esoteric Abs markets.
• Thoughtful perspectives on sector trends, technological developments, regulatory changes, and market dynamics impacting commercial Abs asset classes.

Base Salary Range: $170,000-215,000 plus additional incentives

Requisite Skills

Asset-Backed Securities (Abs), Credit Analysis, Credit Research, Investment Evaluation, Portfolio Monitoring

Additional Skills

Barings is an Equal Employment Opportunity employer; Minority/Female/Age/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply.

Barings offers a comprehensive benefits package including:

Core Benefits & Wellness

• Medical (including Virtual Care), Prescription, Dental, and Vision Coverage
• Fitness Center Reimbursement Program (Including Online Memberships)
• Employee Assistance Program (Eap)
• Fertility Benefits

Financial Well-Being

• Highly competitive 401(k) Plan with Company Match
• Health Savings Account (Hsa) with Company Contributions
• Flexible Spending Accounts (Fsa) - Health Care & Dependent Care
• Retirement Health Reimbursement Account

Life Insurance

• Basic and Supplemental Life Insurance
• Spouse and Child Life Insurance

Time Off, Disability and Leave of Absence

• Paid Vacation, Sick Days and Annual Holidays
• Paid Leave of Absences (Maternity Leave, Parental Leave, Caregiver Leave, Bereavement Time)
• Short and Long Term Disability Plans
• Paid Volunteer Time

Other Benefits

• Education Assistance Program
• Charitable Matching Gifts Program
• Commuter Reimbursement Program
• Adoption and Surrogacy Reimbursement Program