About the Job
Team and role overview
- The Intermediated Credit team was created in late 2019 and sits within CDC’s Financial Services Group which also includes FS Equity, FS Debt, FS Funds, Trade and Supply Chain Finance, & Investor Desk. CDC has a longstanding commitment to Financial Services (we have a portfolio of over $2bn invested in financial services across more than 150 investees which represents about one third of CDC’s total portfolio by value). Over the last three years, the team have deployed $1b+ across Africa and South Asia with a strong pipeline of additional investment opportunity. In 2020, the gross loan portfolio of our financial sector investments, converted to US dollars, stood at over $100 billion reaching over 120 million customers.
There are 6 levels in the Financial Services Group: PA, Associate, Executive, Manager, Director and MD. This role is expected to be an Associate level role reporting to the Director and Team Head of Intermediated Credit.
Within the Financial Services Group, the Intermediated Credit team is responsible for originating and executing:
- Structured credit transactions: using new credit vehicles, securitizations, CLOs, tranched structures, guarantees, etc. to channel capital into markets which CDC cannot adequately reach with existing products and/or to mobilise commercial investors into our markets
- Risk-sharing facilities (RSFs): with partner banks, with the aim of enhancing access to credit for target segments (e.g. MFIs, SMEs)
- Private credit funds (PCFs): broadening CDC’s fund investing capability to include private credit funds, primarily in Africa, to catalyse the growth of this nascent asset class – with a particular focus on mobilising commercial investors.
Transaction structuring and execution
- Supporting senior members of the team and colleagues working on new RSFs, credit fund proposals and other intermediated credit transactions
- The Associate will be responsible for analysis, including: macro-economic analysis; sector / market analysis; counterparty analysis (including credit assessment and financial modelling)
- Reviewing potential new transactions to assess relevance to CDC, structure, risks, returns, and market comparables
- Over time, the Associate will gain experience in all aspects of credit assessment and funds assessment including due diligence and will take responsibility for a broader range of activities within the deal execution
- Preparing relevant sections of investment proposals / papers and presenting investment recommendations to CDC’s Investment Committee
- Working on / reviewing legal documentation with the internal legal team and external stakeholders
- Supporting role on monitoring the portfolio of existing facilities and projects
- Responsibilities include: reviewing company reports; monitoring compliance with covenants; flagging any potential fund or credit issues and preparing monitoring papers for review by CDC’s investment committee.
- Keeping up-to-date with deal flow, deal management and portfolio monitoring database for all transactions covered by the Intermediated Credit team
- Active engagement with relevant fund managers, banks and a broad range of investors
Research and strategy
- Assisting in the design and implementation of market scoping studies, as relevant
- Developing knowledge of debt products and structures being offered in CDC’s regions to assess where CDC can most effectively contribute particularly in mobilising capital from third parties
- University degree in finance, economics, corporate finance accounting, or other relevant degree. CFA, ACA or MBA would be an additional advantage
- Strong relevant experience within a banking, investment or DFI environment with exposure to origination and structuring of FI/corporate debt transactions
- Experience within emerging markets would be an additional advantage
Technical and Personal Skills
- Strong structuring skills
- FI/Corporate credit analysis skills and ability to analyse financial statements and make commercial assessments
- Strong analytical and research skills
- Good report writing, business communication and presentation skills
- Financial modelling and excel skills
- Familiarity with diligence processes, financial terms, legal terms
- Demonstrable professional approach and ability to develop relationships both within CDC and with external parties
- As a member of a small team, a flexible and “hands on” approach is a pre-requisite
- Ability to work on multiple projects across products and sectors while working to deadlines and managing time effectively
- Active interest in financing in developing countries and understanding of emerging market environments with a willingness to travel within Africa and South Asia
- Candidates should be strongly motivated by CDC’s development mission and ideally demonstrate some commitment to development or social goals through previous experience
- Foreign language skills, particularly those spoken in CDC’s geographies (e.g. French, Portuguese, etc) would be an additional advantage
Our cultural values
We look for team members who aspire, as we do, to work at our best and to be:
- Impact-led, commercially rigorous
- Tenacious in the face of challenges
- Collaborative and caring
CDC is committed to diversity and inclusion and welcomes all applicants regardless of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, sexual orientation or educational background.
Please provide a cover letter with your application
- CDC is the UK’s development finance institution. Established in 1948 we invest in the most challenging markets of Africa and Asia with the aim of supporting economic development.
- CDC has net assets of £6.4bn and a portfolio of £4.7 billion. In 2019 we committed over £1.66 billion of capital to business in Africa and Asia and are now invested in 1,200 businesses which directly employ over 875,000 workers and support many more.
- CDC is a Public Limited Company and is wholly owned on behalf of the UK government by the Foreign, Commonwealth & Development Office (FCDO).
- In the last few years, we have expanded our presence in Africa and Asia by opening new offices in Bangladesh, Egypt, Kenya, Myanmar, Nepal, Nigeria and Pakistan with additional locations opening soon.
- At CDC, we take an entrepreneurial approach to investment. We think innovatively about ways to deploy our capital, attract and mobilise other investors, and drive transformational impact.
- Primarily, CDC invests through direct equity, direct debt and funds products to achieve impact and a financial return which is reinvested into more businesses. We aim to create jobs and accelerate economic prosperity and focus on sectors that will do this; manufacturing, food and agriculture, infrastructure, financial institutions, construction, health and education.
- CDC works with like-minded ambitious people who are primarily motivated by our mission to deliver impact. We are a growing team of over 485 and place immense value on diversity within our organisation.
- Read more about us on our website cdcgroup.com