Senior High Yield Research Analyst

Job Description:

The Group

Fidelity's High Income & Alternatives division offers investments that span the capital structure, including high-yield bonds, leveraged loans, convertible bonds, alternative credit, structured credit, and equities. These solutions leverage Fidelity's research platform, investment process, and risk management systems in order to meet the evolving needs and expectations of our customers and institutional clients. The division boasts a fully integrated, highly skilled team that can identify anomalies, provide insight into market trading dynamics, and minimize transaction costs.

The Role

Join our dynamic High Income & Alternatives team as a key thought leader driving investment decisions up-and-down the capital structure in the high-yield, leveraged loan, and distressed debt markets. We are seeking an experienced and intellectually curious Research Analyst to generate impactful, fundamentally driven investment ideas. This is a highly visible role where your analysis and recommendations will directly influence portfolio construction and performance.

• Originate, underwrite, and actively monitor investment opportunities across the full capital structure within the high-yield and leveraged loan landscape, including high-yield bonds, leveraged loans, convertible bonds, and equities.
• Conduct deep-dive fundamental analysis of corporate credit, including assessing complex capital structures, covenant packages, and potential recovery scenarios.
• Develop and maintain detailed financial models, including projections, valuation analysis, and restructuring waterfall models to formulate and support investment theses.
• Publish insightful, quality research reports and present compelling investment recommendations to the portfolio management team.
• Act as a subject matter expert for credits under coverage, providing real-time analysis and commentary on earnings, and market-moving events.
• Proactively identify and analyze macroeconomic and industry trends, catalysts, and dislocations to generate new investment ideas.
• Mentor and develop junior analysts, fostering a collaborative and high-performing team culture.

• Experience: A minimum of 7 years of relevant buy-side or sell-side experience in high-yield, leveraged finance, or distressed debt research. Direct experience analyzing companies through in- and out-of-court restructurings is highly desired.
• Education: A strong academic background is required. A Master's degree (MBA) and/or a Chartered Financial Analyst (CFA) designation is strongly preferred.
• Technical Skills: Expert-level proficiency in financial modeling, valuation, and credit analysis is essential. Must have the ability to assess legal documentation (credit agreements, indentures) and understand the drivers of both credit and equity-related instruments.
• Communication: Exceptional written and verbal communication skills, with a proven ability to articulate and defend complex investment ideas concisely and persuasively.