Portfolio Manager Credit Research
Nevastar Finance
Total des années d'expérience :14 years, 2 Mois
Responsible for the management of $1.1bn worth of fixed income investments across more than 50 unconstrained “buy and maintain” portfolios. Around 90% of the assets are individual bonds, selected on a case-by-case basis and evenly split between investment and non-investment grade ratings. In 2016, the fixed income portfolios were up by +4.5% to +10.0%. No defaults on bonds recommended since Aug-15.
• Advising clients on and constructing suitable and executable fixed income portfolios based on three pillars: clients’ investment objectives and constraints, our macro and credit views and market valuations.
• Analysing and selecting each bond to be included in different portfolios. Top-down approach resulting in less than 5% of the universe being investable and subject to a more traditional bottom-up analysis focusing on cash generation, liquidity position and refinancing risk.
• Ongoing monitoring of invested and investable bonds, including the maintenance of a buy- and a watch-list. Bonds in the watch-list are subject to regular discussions with companies’ management teams and rating agencies. Regular credit updates are shared with the Credit Committee.
Part of the team in charge of structuring direct lending deals and monitoring the internal credit portfolio worth £2bn. The average size of each investment was £30m with an average duration of 8 years. Sectors I covered included Housing Associations, Port and Airport Infrastructure and Solar Energy.
• Leading the structuring of a £35m bilateral loan for a Housing Association and a £50m bond investment in the UK’s largest port operator. Responsibilities revolved around two main pillars: review of the borrower’s financial situation, including cash flow projections and sensitivity analyses, and negotiation and draft of legal clauses such as cash waterfalls and security packages.
• Monitoring £400m worth of investments in the Housing Associations, Port and Airport Infrastructure and Solar Energy sectors. Regular reviews and updated investment recommendations presented to the Credit and Investment Committees.
Performed business and fundamental financial analysis on several credits, from stressed to distressed situations with strong focus on financial modelling, valuation using DCF, SOP and transaction multiples in addition to relevant reviews of legal documents. Case studies:
- €1.4bn French water production and distribution company: stable business based on long term contracts with local authorities; DCF valuation; suitable trade for investors looking for an exposure to the French State, yield of 8-10%, 5-year investment period, tertiary LBO being a potential exit.
- €1.2bn Spanish cement manufacturer: assets of very good quality but the profitability has been heavily impacted by challenging economic conditions; DCF, SOP and transaction multiples; trade based on asset disposal and cost structure improvements; deleveraging and sale to a strategic investor.
- €580m UK fitness club company: global footprint subject to different market dynamics; SOP and transaction multiples; trade suitable for investors able to inject funds in order to invest in growing regions while downsizing operations in more mature markets; 3 to 5 year investment horizon; 2.5 to 3x return
3-year programme in 3 countries. I received 3 degrees: Master of Science in Management (London, UK), Diplome des Grandes Ecoles (Paris, France) and Diplom-Kaufmann (Berlin, Germany). The programme combined both theoretical courses and 3 internships including a 12-month professional experience. Main courses included corporate and market finance, accounting and economics. End of study thesis was "The Impacts of the Implementation of MiFID Within Asset Management Companies".