Distressed Loan Closer

Position: Permanent

Salary: £80,000 - £100,000

Location: London

Job ID: JA3008DLC

We have a great opportunity for a Distressed Loan Closer at VP level to work for one of the largest international banks in London. The successful candidate will join the London based Distressed Credit Trading Desk on a permanent basis.

The Distressed Closer will be involved in all aspects of pre-trade and post-trade queries. The Closers are expected to have a good understanding of LMA / LSTA standard terms and conditions and have good technical expertise. There is also a requirement for the Closer to undertake settlement issues/problems. The jobholder would be expected to ascertain how best to resolve these by their interpretation of the documents, liaising with the counterparties, the desk, internal and external legal counsel and any other means at their disposal.

Main Responsibilities of the VP Distressed Loan Closer:

  • Support all business within the firm if the nature of the transaction is to facilitate the settlement of Distressed Loans from one legal vehicle to another
  • Review loan documentation to ascertain the transferability post trade or within pre trade due diligence.    
  • The Distressed loan closers are not restricted to Loan product and may settle other product classes where their expertise in physical settlement is required, including PPN’s and Equity
  • Ensure timely/efficient and accurate settlement of Secondary Distressed transactions.
  • Engagement in all aspects of pre-trade and post-trade queries.
  • Undertake complex settlement issues/problems
  • Liaise with internal and external legal counsel and senior staff in the trading business.
  • Ensure all aspects of the settlement have been considered and completed, inclusive of transfer of security.
  • Monitoring/tracking/reporting of all trades using appropriate workflow tools
  • Identifying and escalating issues to traders, in house legal and compliance teams as well as management

Skills required of the VP Distressed Loan Closer:

  • Comprehensive understanding of the Loan Market Association Term and Conditions / User Guide and Standard doc for settlement.
  • Understanding of common market practices that may not be covered in industry standards
  • Good understand of the market and requirements across jurisdictions to settle trades.
  • Distressed Closing (Bank debt) experience with an understanding of how the Transaction Security documents work
  • Experience on Restructurings essential
  • Essential to understand Public/Private segregation
  • Demonstrable market risk, operational risk and control awareness.
  • Exposure to Clearpar/Markit