Investment analyst in fixed income

ForteFinance is a leading investment company providing financial services to private and corporate clients, with access to both Kazakhstan and international capital markets. Founded in 2020, ForteFinance is a subsidiary of ForteBank, one of Kazakhstan’s largest banks with over 20 years of proven success. The company focuses on delivering high-quality investment solutions and advisory services tailored to diverse client needs.

• Write credit assessments of bond issuers, including microfinance organizations, banks, quasi-sovereigns and corporates. This means analyzing leverage, coverage, liquidity, refinancing risk, covenants and the bond’s place in the capital structure, and reaching a clear buy/avoid call.
• Read bond prospectuses and offering circulars to establish seniority, security, call/put features, amortization schedules and events of default.
• Price bonds and run yield, spread, duration and convexity calculations. Build issuer curves and compare bonds within and across issuers.
• Track KZT and USD rate markets: the NBK base rate, ГЦБ and MinFin auctions, repo, US Treasuries, and the spread levels of Kazakhstan Eurobonds and EM credit.
• Monitor portfolio interest-rate and credit risk, including DV01/key-rate exposures, concentration and rating migration, and propose rebalancing trades.
• Prepare credit notes, trade ideas and investment committee materials. Support client-facing bond recommendations.
• Automate recurring analytics such as yield curve construction, portfolio risk reports and bond screening.

• At least 2 years of hands-on fixed income experience in credit research, bond portfolio management, a treasury/ALM desk, rating agency analysis or bond sales/trading. A general equity research or corporate finance background on its own is not sufficient.
• Fluency in bond mathematics: YTM, Z-spread, G-spread, Macaulay and modified duration, convexity, DV01, accrued interest, and clean vs dirty price. You should be able to compute these from first principles, not just read them off a terminal.
• Credit analysis skills: you can take a set of IFRS financial statements and produce a defensible view on an issuer’s ability to service and refinance its debt.
• Understanding of yield curve dynamics, the drivers of credit spreads, and how monetary policy, inflation and FX move rates.
• Bloomberg proficiency (YAS, BVAL, curve and spread functions) or an equivalent platform.
• Advanced Excel.
• Bachelor’s degree or higher in Finance, Economics, Mathematics or a related field.
• Strong written Russian and English. You should be able to write a concise, opinionated credit note.
• Будет плюсом: Familiarity with the KASE/AIX bond markets and the regulatory environment for Kazakhstan issuers is a strong advantage; Working knowledge of Python for data handling and analytics is a strong plus; CFA (Level II or above), FRM or an equivalent qualification is a plus

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