High Yield Research

The European High Yield Research team at Deutsche Bank is looking for an Associate to join the team in London. This is a publishing research role offering broad exposure across the European leveraged finance market and the opportunity to work alongside senior analysts covering a diverse range of sectors.

You will contribute to the team's fundamental credit research, financial modelling, and published investment views. The role combines detailed company and industry analysis with the ability to translate complex financial and credit information into concise, differentiated, and actionable research for institutional investors.

Responsibilities

• Conduct fundamental credit analysis of European high yield issuers, assessing operating performance, business models, cash generation, liquidity, leverage, and refinancing risk
• Build and maintain detailed financial and credit models, forecasting revenue, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
• Analyse capital structures and debt documentation, including bonds, loans, revolving facilities, maturity profiles, and key covenant considerations
• Contribute to published research, including earnings updates, company and sector reports, new-issue analysis, thematic research, and event-driven commentary
• Develop relative-value analysis across issuers and capital structures, balancing fundamental credit risk, catalysts, and valuation
• Maintain robust databases ensuring research meets applicable quality, compliance, and regulatory standards

Benefits

• Hybrid Working - we understand that employee expectations and preferences are changing
• Competitive salary and non-contributory pension
• 30 days' holiday plus bank holidays, with the option to purchase additional days
• Life Assurance and Private Healthcare for you and your family
• A range of flexible benefits including Retail Discounts, a Bike4Work scheme, and Gym benefits
• The opportunity to support a wide-ranging CSR programme + 2 days' volunteering leave per year

Requirements

• Relevant experience in credit research, leveraged finance, investment banking, asset management, equity research, corporate finance, auditing/accounting, or a related analytical role
• A good understanding of financial statements, accounting, and cash-flow analysis
• Financial-modelling skills, including integrated forecasting of EBITDA, free cash flow, liquidity, leverage, interest coverage, and debt capacity
• Ability to understand complex capital structures, including high yield bonds and leveraged loans
• Advanced Excel proficiency and a relevant bachelor's degree or equivalent
• Familiarity with Bloomberg, FactSet, or similar platforms
• Proven ability to leverage AI tools to enhance productivity