Investment Analyst, Fixed Income

We are seeking a seasoned Senior Credit Analyst specializing in Asian High Yield (HY) to join our Fixed Income Investment team. Reporting to the Head of Credit Senior Manager, Fixed Income Investment, the successful candidate will drive bottom-up fundamental credit research, relative value analysis, and risk monitoring across Asian corporate and sovereign issuers.

In this buy-side role, you will be responsible for originating high-conviction credit recommendations that support multi-asset and fixed income portfolios, with a disciplined focus on long-term risk-adjusted returns, downside protection, capital preservation, and portfolio rating stability.

Fundamental Credit Analysis & Portfolio Recommendations

• Conduct deep-dive fundamental credit research on new issue primary offerings and secondary market opportunities across Asian High Yield corporates and sovereigns.
• Formulate and present actionable, long-term investment recommendations (Buy/Hold/Sell) that optimize risk-adjusted yield while adhering to portfolio mandates and Risk-Weighted Capital (RBC/Solvency) constraints.
• Build, maintain, and stress-test multi-period financial models, liquidity profiles, and cash flow projections under adverse macroeconomic and sector-specific scenarios.
• Evaluate bond covenants, corporate structures, debt seniority, and legal documentation to safeguard portfolio holdings against structural subordination or event risks.

Portfolio Monitoring & Risk Management

• Provide continuous coverage of assigned sectors and issuers, proactively identifying credit deterioration, rating downgrade risks, or liquidity stresses well ahead of market consensus.
• Assess the impact of credit migration (e.g., Fallen Angels, Rising Stars) on portfolio capital charges, asset‑liability matching (ALM), and liquidity requirements.
• Participate in portfolio review meetings, providing strategic commentary on credit spread trends, sector allocation, and default/recovery probability distributions.
• Monitor and evaluate High Yield / Global credit mandates managed by external asset managers outside Asia, tracking their credit selection, performance attribution, risk exposure, and adherence to investment guidelines.

Special Situations & Workout Oversight

• Monitor distressed or restructuring credits within the portfolio, formulating recovery strategies and participating in creditor committees or liability management exercises when necessary.
• Provide clear liquidation/waterfall analysis to estimate recovery values and minimize capital loss on impaired positions.

ESG & Stakeholder Engagement

• Integrate Environmental, Social, and Governance (ESG) factor assessments into all credit notes, quantifying their potential material impact on long-term creditworthiness.
• Maintain active dialogue with corporate management teams, sell‑side research analysts, rating agencies, and industry specialists.
• Draft high-quality investment memos and presentation materials for the Investment Committee.

What we look for?

• 5–7 years of dedicated credit research experience in Asian High Yield / Stressed Debt, ideally within an asset management firm, insurance investment division, or premier buy-side institution.
• Bachelor’s degree or higher in Finance, Economics, Accounting, or a related quantitative field. CFA charterholder preferred.
• Advanced financial modelling skills with strong proficiency in cash flow stress‑testing and balance sheet analysis.
• In‑depth understanding of Asian credit markets, local insolvency frameworks, and bond covenants.
• Familiarity with institutional portfolio constraints, insurance regulatory capital frameworks (e.g., Solvency II, HKRBC), and rating agency methodologies (S&P, Moody’s, Fitch).
• High proficiency in Bloomberg, Capital IQ, and advanced Excel.
• Excellent oral and written communication skills in English and Mandarin.

Personal Information Collection Statement

At Chow Tai Fook Life Insurance Company Limited (“the Company”) we respect the privacy of your personal data and are committed to fully complying with the Personal Data (Privacy) Ordinance (“the Ordinance”).

The personal data that we collect and/or hold (whether contained in this application form or otherwise obtained) includes your personal details, contact information, education and training details, employment details, financial details, and information on your social circumstances.

Provision of personal data by you is mandatory for selection purposes. Personal data collected through this application will be used by the Company to assess your suitability to assume the job duties of the position for which you have applied. The Company may not be able to process your application if you fail to provide your personal data.

Applicants not contacted within four weeks after the interview / test may consider their application unsuccessful.

The information provided will be kept for 2 years for consideration of other suitable posts.