Non-Agency CMBS Trading - Fixed Income Division - Analyst​/Associate

Position Overview

The SPG Trading team is looking for an experienced Analyst to Associate level candidate to join the team.

• Price, hedge, evaluate, manage book, and engage clients as a Non-Agency CMBS trader and market maker across the capital structure
• Assess relative value across the CMBS credit landscape, including conduit deals, single-asset/single-borrower (SASB) transactions, CRE CLOs, and CMBX indices, incorporating views on underlying commercial real estate fundamentals and macro credit conditions
• Formulate, express, and execute trade ideas in non-agency CMBS and related credit, interest rate, and equity hedging instruments
• Interact with diverse client base to provide liquidity as a market maker and build firm relationships
• Assist desk with daily risk, PNL reporting, compiling market color, indications, and weekly commentary
• Maintain frequent dialogue with teams internally including but not limited to: IT, strats, sales, trading desks, research, operations, and finance

• 0–2 years of experience in CMBS, structured credit, securitized products, or leveraged finance, preferably in a trading, sales, or banking capacity
• Strong understanding of non-agency CMBS products, including SASB, conduit transactions, CRE CLOs, and CMBX
• Demonstrated ability to analyze relative value across credit products and manage risk in a fast-paced trading environment
• Strong quantitative, analytical, and problem-solving skills
• Excellent communication and interpersonal skills, with the ability to interact effectively with clients and internal stakeholders
• Proven ability to manage multiple priorities and perform under tight deadlines
• Series 7 and 63 licenses (or ability to obtain within a reasonable timeframe)

• Familiarity with commercial real estate (CRE) underwriting and credit analysis
• Experience working with trading desks in securitized products or credit markets

Expected base pay rates for the role will be between $110,000 and $125,000 per year at the commencement of employment for Analyst, and 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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