Non-Agency CMBS Trading

Responsibilities

• 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

Qualifications

• 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)

Preferred Qualifications

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

About Company