Credit Analyst
Two SigmaAbout the Role
Two Sigma's Derivatives and Relative Value (DRV) modeling team is looking for a credit analyst to join its Convertible Arbitrage team. The strategy identifies mispriced convertible securities and captures the difference between market price and fair value by trading the convertible and hedging its exposures with equities, equity options, Treasury futures, corporate bonds and credit default swaps, applying Two Sigma's data science and systematic trading expertise to convertible arbitrage. This role will bring fundamental credit expertise to that effort.
- Conduct fundamental credit analysis on convertible issuers, including capital structure, liquidity, covenants, recovery and refinancing risk
- Assess credit risk on positions under stress, and work with portfolio managers on sizing, hedging and exit decisions
- Provide analytical support for primary market opportunities, including new issuance, buybacks and other capital markets transactions
- Develop issuer-level views that support engagement with issuers and counterparties
- Monitor credit exposures across the portfolio and flag emerging risks proactively
- Help build data-driven tools and processes, including LLM-based and agentic workflows, that make credit analysis faster and more scalable
Responsibilities
- Conduct fundamental credit analysis on convertible issuers, including capital structure, liquidity, covenants, recovery and refinancing risk
- Assess credit risk on positions under stress, and work with portfolio managers on sizing, hedging and exit decisions
- Provide analytical support for primary market opportunities, including new issuance, buybacks and other capital markets transactions
- Develop issuer-level views that support engagement with issuers and counterparties
- Monitor credit exposures across the portfolio and flag emerging risks proactively
- Help build data-driven tools and processes, including LLM-based and agentic workflows, that make credit analysis faster and more scalable
Requirements
- 5–10 years of experience in fundamental credit analysis, on the buy side (credit, distressed or convertible funds) or sell side (leveraged finance, high-yield or convertible research)
- A deep understanding of corporate capital structures, credit documentation and recovery analysis
- Familiarity with convertible bonds, or with how equity and credit interact across the capital structure; hands-on convertible experience is a strong plus
- Proficiency using AI and agentic workflows for research and analysis (e.g., using LLM tools to process filings, transcripts and credit documents)
- Comfort working with and analyzing data programmatically; Python or similar experience is a plus
- Strong analytical and communication skills, and the ability to present concise, well-reasoned recommendations to portfolio managers
What You'll Get
- $165k–$250k base salary
- Fully paid medical and dental insurance premiums for employees and dependents
- Competitive 401k match
- Employer-paid life & disability insurance
- Onsite gyms with laundry service
- Wellness activities
- Casual dress
- Snacks
- Game rooms
- Tuition reimbursement
- Conference and training sponsorship
- Generous vacation and unlimited sick days
- Competitive paid caregiver leaves
- Flexible in-office days with budget for home office setup