Public Credit Trader

We're a FTSE 250 Financial Services company who specialise in retirement solutions and right now, our world is moving pretty quickly.

How people work, save, and plan for the future is all changing. A new generation of retirees needs a new kind of retirement company. A company who will look for new ways of doing things - and will always put the customer first.

That's who we are. We're a company on a mission: to become a beacon for the entire retirement industry. Because we believe everyone deserves a fair, secure, and fulfilling retirement. And with you on our team, we're going to make sure they get it.

Purpose

Public Credit (PC) Trader sits within the Public Credit team at Just Group, leading on flow trade idea generation & execution as well as being front of house with Banks / Brokers. This also requires close collaboration with the wider Investment team (Credit Research being key stakeholders) and Portfolio Managers PM in PC team.

The trader will be leading on providing views on market liquidity and near term spread movements to PC's PM pillar as well as ensuring the investment team is kept up to date with market trends and the impact of these on the investment team.

To complement the above, the trader needs to have a strong collaborative nature to ensure appropriate trade ideas and market intel is shown in as well as working with wider teams within Just to ensure execution is done in a risk controlled manner.

They will also be a key driver in the day to day development of more junior members skillset towards being able to trade and engage with the market on behalf of Just.

Additionally, the ability to adapt to ever changing investment requirements of Just while continually looking to enhance the trading function's capabilities will be a critical part of the role.

In summary, this role is a key driver behind executing new business pricing curve associated to Public Credit backed liabilities and generating back book value. Furthermore, you are a key contributor on market timing views within the investment team to help guide tactical allocation positioning. Finally, you are expected to continually enhance junior members of PC and, more generally, Just's credit trading abilities.

In this role you will

Work on a number of Public Credit Pillars and their workstreams with associated trader responsibilities. Please note below does not represent all workstreams within each pillar.

Workstream Description:

• Sourcing & executing primary and secondary public credit assets

Trader responsibility:

• This covers liquid / illiquid issuances ranging from listed / unlisted bonds, PPs, EMTNs and structured credit. Trading capabilities cover both individual / PT bond purchases / sells / switches
• Trading should be done within a risk controlled manner in line with the internal bond management handbook

Trader responsibility:

• Based on PC investment appetite, act as primary lead on origination of BAU NB liquid flow
• Lead on day to day PC trading execution Buy, sell, switches in a risk controlled manner
• For PT trades, lead on the trade execution component in a risk controlled manner and act as a key support pillar to PC PM for wider portfolio construction
• Lead on post trade MI requirements overseeing PC graduate / analysts

Workstream Description:

• This involves engagement across sales, traders, syndicate desks for publics / PPs and PT desks

Trader responsibility:

• Lead from PC team perspective in terms of day to day engagement with bank / broker
• Price discovery for new issues / illiquid bonds for internal / external origination

Workstream Description:

This involves performing RV analysis of the prospective asset versus peers in sector / rating / WAL buckets and proposing fair value price.

Trader responsibility:

• Lead in terms of price discovery of new issues / illiquid assets
• Negotiating pricing for internal originated assets with counterparties

Workstream Description:

• Trading will look to achieve best outcome for Just. This is not solely guided by bid offer but looks to weigh up the holistic needs of the investment team outlined by the PM pillar.
• Considerations range from (i) investment volume requirements & associated timeframes, (ii) directional views on spreads, (iii) appetite for specific asset.

Trader responsibility:

• Lead on day to day trades ensuring Just gets best execution in line with PC commercial requirements
• Proposing trades to PM pillar of the Public Credit team

Workstream Description & Trader responsibility:

Work closely with PC Senior PMs & PMs to present RV for NB / back book as well as near term technicals for IG credit.

Tactical Asset Allocation for Public Credit new business & optimisation

Workstream Description:

This involves combining market timing and business needs for new business and optimisation trades.

Trader responsibility:

• Via engagement with bank traders / sales, be a key contributor towards obtaining market colour / flow in IG credit space Technicals, RV and fundamental news
• Public credit pricing input for DB / GIFL curves

Workstream Description:

• PC provides input to pricing output in line with proposed methodologies as well support to CIO for the weekly pricing forum.

Trader responsibility:

• Oversee weekly IG credit pricing MI colour performed by PC Grad / Analyst to TA&C

Investment Performance Assessment

Workstream Description:

• Continually review asset origination vs plan / NB liabilities originated YTD economics, cognisant of both public / private asset origination & associated pipelines
• Consider impact of NB and optimisation trade impact on emission intensity targets for 2025 and 2030
• Monitor optimisation value add and how this can support New Business pricing
• Understand wider business requirements to support NB / optimisation goal setting throughout the year both in terms of requirements and timing

Trader responsibility:

• Oversee updating and maintaining PC's investment performance YTD MI PC analyst / graduate leads on this
• Along with PC PM, ensure there is an up to date public pipeline Mostly cover Primaries and thematic trades with PC analyst / graduate leading on inputting
• Lead on providing investment performance YTD MI to wider stakeholders This will be supported by PC analyst / graduate
• Work with PC PM to understand investment YTD performance including PC specific performance

Workstream Description:

• There is a requirement to have continual understanding of risk profile from in force portfolio and NB trades which is to be readily for analysis / presentation.
• Risk profile of portfolio covers (1) Credit, liquidity and RI risk profile of the portfolio as well as (2) the portfolio interaction with ALM.

Trader responsibility:

• Work with PC PM to understand portfolio characteristics

Public Credit Macro / Market Insight

• Provide macro insight to Investment team and wider business
  • Workstream Description:
    • This comes in the form of EOD emails, Monday Market comments to investment team, weekly senior Just markets calls, ad hoc emails
    • This can also come in the form of education teach ins to upskill the business
  • Trader responsibility:
    • Trader work consistent with A.1.5, A.2.1, A.2.2
    • EOD Market Update Email
    • Market colour to Senior Execs on market call
• Have regular dialogue with relevant SMEs in banks
  • Workstream Description:
    • Focus is on Macro and Credit strategy SMEs. This enables better insight for tactical allocation decision and upskilling wider business
  • Trader responsibility:
    • Trader work consistent with A.1.2

Investment Projects

• Look to be innovative and proactive in terms of deepening the public credit trading capabilities as well as supporting / leading wider investment team initiatives

Examples of Key Activities

• Originate and review liquid and illiquid Public Credit assets in both primary and secondary markets to meet our investment goals
• Ensure best execution trading is done in risk controlled manner and that trading MI is correctly inputted
• Build strong relationships with bank / broker counterparties to ensure strong liquidity from street on secondaries / strong allocation in new issues
• Using street relationships to gather market intel on technicals across supply and demand
• Form views on near term spread moves and feed into PM pillar
• Look to provide general / issuer specific market intel Latter focuses on existing holdings to wider investment team and senior execs as well as monitoring spread changes on existing portfolio
• Look to continually improve trading function capabilities & processes

Skills and Knowledge

• Skills:
  • Excellent analytical skills, including ability to make commercial judgements in light of uncertain circumstances. Able to support judgement calls with a clear justification
  • Strong verbal, written communication and interpersonal skills, with the ability to present investment matters in a clear and concise manner
  • Strong results focus . click apply for full job details