Stephenson Executive Search
Senior Analyst - Distressed Credit & Special Situations
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Client Our client is a well-established, London-based investment platform focused on European credit, with a mandate spanning distressed and stressed corporate credit, special situations, and structured credit. The firm invests across the capital structure - cash bonds, loans, CDS and other credit derivatives - and is known for a disciplined, judgement-led approach to idea generation and position management.
The Role The Senior Analyst will take ownership of ideas from origination through to exit - sourcing situations, underwriting the credit, building the investment thesis, and managing the position through the full lifecycle of a special situation. This is a hands-on, judgement-driven seat: the successful candidate will be expected to hold a clear, well-reasoned view, defend it under scrutiny, and know when new information means it should change. This is not a modelling or support role, it sits at the centre of the investment process.
Key Responsibilities
- Generate and source investment ideas across European stressed and distressed corporate credit and special situations.
- Underwrite credits independently, including cash-flow modelling, liquidity analysis, recovery analysis and covenant assessment.
- Build and communicate clear, well-supported investment theses and recommendations to the wider investment team.
- Identify and exploit relative-value opportunities across instruments and across the capital structure.
- Manage positions actively through restructurings, consent solicitations, standstills and other event-driven processes.
- Engage directly with management teams, advisers, banks and creditor groups throughout special-situation and restructuring processes.
- Monitor portfolio positions on an ongoing basis, reassessing thesis and sizing as situations evolve.
- Present investment views and updates to senior colleagues and the investment committee.
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Essential Skills & Experience
- 7+ years' experience across distressed credit, special situations and/or structured credit, with genuine buy-side investment experience covering idea generation, underwriting, position management and recommendations.
- Deep expertise in European stressed and distressed corporate credit, including complex capital structures, restructurings and event-driven situations.
- Strong knowledge of cash bonds, CDS and other credit derivatives; structured-credit experience highly desirable.
- Strong grounding in fundamental credit analysis, including cash-flow modelling, liquidity, recovery analysis, covenant assessment and downside scenarios.
- Demonstrated experience engaging with management teams, advisers, banks and creditor groups through a restructuring or special-situation process.
- Sound commercial judgement, disciplined risk management, and the ability to communicate a clear, defensible investment thesis.
- Ideally trained within a leading investment bank's credit trading, structured credit or leveraged-finance platform before moving to the buy side.
- Established understanding of the European credit market and how it trades in practice.
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Working Arrangement
- London office based.
- Direct exposure to live restructuring and special-situation processes across European credit markets.
- Opportunity to work within a collaborative, high-performing investment team with genuine ownership over idea generation and portfolio decisions.
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