Overview
Underwriter – Job #: req34406
Organization: MIGA
Sector: Operations
Grade: GF
Term Duration: 3 years 0 months
Recruitment Type: Local Recruitment
Location: Sao Paulo, Brazil
Required Language(s): English, Portuguese, Spanish
Preferred Language(s):
The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank Group with a mission to promote foreign direct investment into developing countries to help end extreme poverty and boost shared prosperity on a livable planet. MIGA houses the World Bank Group (WBG) guarantee platform which brings together products and experts from the World Bank, International Finance Corporation (IFC), and MIGA for simplicity, efficiency, and speed. MIGA serves as a one-stop shop for all WBG guarantee business, providing the best guarantee solutions for clients to meet project needs and development priorities. The platform provides three types of coverages: credit guarantees for loans to the public or private sector; trade finance guarantees for trade finance projects involving public entities; and political risk insurance against non-commercial risks for private sector projects or public-private partnerships.
In February 2024, the World Bank Group announced an upgrade to its guarantees business by establishing, as of July 1 2024, the Guarantee Platform (Platform) housed at MIGA. The Platform will deliver improved guarantee access through a unified team of guarantee specialists and innovative new guarantee solutions. These reforms aim to triple annual guarantee issuance to $20 billion by 2030.
MIGA's Operations Department (MIGOP) leads guarantee business development and origination activities, structures transactions, leads projects through underwriting and approval, and manages guarantees portfolio. Within MIGOP, the Global Transaction Team (GTT) is a dedicated team of Analysts, Underwriters, and Senior Underwriters focused on underwriting MIGA's guarantee transactions. MIGOP seeks a highly experienced, motivated, and proactive Underwriter with strong project finance, public sector finance, political risk insurance, trade finance and/or structured finance underwriting skills, as well as client and new business origination skills, preferably gained in the energy and general infrastructure or financial sectors. While reporting to the Manager for GTT, day-to-day activities focus on leading transaction teams and underwriting transactions as the transaction lead; depending on experience, activities may include supporting business origination and transaction structuring. Through this role, the underwriter will develop broad knowledge of the Platform's guarantee activities across the Platform's full product line and regions.
Duties and Responsibilities
* Lead a multi-disciplinary transaction team ( sector, legal, environment and social, climate finance, reinsurance, gender, integrity, risk, development impact, etc.) through the transaction underwriting and approval process, organizing and coordinating due diligence meetings and missions.
* Conduct sector and project risk assessments, including contractual risk allocation and the technical and commercial viability of the investment project.
* Prepare and use complex financial models to analyze the financial viability of the investment project or support credit analysis for credit enhancement transactions.
* Work with risk management officers to analyze country/sub-sovereign project risks and mitigants and with credit risk officers to support analysis of state-owned enterprises.
* Collaborate with risk management officers and the transaction team to conduct development impact analyses of investment projects, including assessing contribution to host country development and broader impact on industry and stakeholders.
* Develop with the transaction team recommendations for the contract of guarantee terms, conditions, structures, and risk mitigants.
* Lead negotiations of new contracts of guarantee with prospective holders and/or their advisors, in coordination with the relevant Team Lead/Sector Manager and MIGA's Legal Department.
* Engage with MIGA's clients, conduct in-country and virtual due diligence meetings with host country government officials, and collaborate with partners (e.g., World Bank, IFC, and other development partners).
* Prepare high quality guarantee proposal documents and present them to MIGA's Senior Management and Board of Executive Directors.
* With Senior/Sector Underwriters, Sector Managers, and Regional Heads, support new business origination and client management to build a robust pipeline of business.
* As required, create and deliver origination-focused presentations to sponsors, government officials, state-owned enterprises, financial institutions, industry groups, and forums.
Selection Criteria
* Must have a Master's degree (e.g., in Finance, Economics, International Business, or related field) and at least 5 years' relevant experience or an equivalent combination of education and experience.
* Relevant experience includes: (i) analyzing and executing limited non-recourse project financings, commercial or public sector investments, trade finance, or other structured financial transactions; and (ii) financial analysis with a focus on complex transactions in emerging markets (including infrastructure and energy sectors). Experience ideally gained with a reputable global financial institution.
* Solid work experience negotiating complex financial and guarantee contracts.
* Extensive knowledge of emerging markets finance and development and understanding of project finance, credit guarantees, trade finance, investment insurance, structured finance, and/or FDI in emerging markets.
* Demonstrated understanding of political and sovereign risk guarantee products and their application in project and export finance.
* Demonstrated technical underwriting skills and a proven track record in complex project underwriting, project finance, corporate finance, trade finance, and/or structured finance.
* Excellent analytical and communication skills (written and oral).
* Effective interpersonal skills and ability to interact with clients and colleagues from diverse backgrounds under pressure.
* Ability to work independently and as a Transaction Lead.
* Fluency in English required; fluency in Portuguese and/or Spanish required.
WBG Culture Attributes
1. Sense of urgency: Anticipate and respond quickly to needs of stakeholders.
2. Thoughtful risk-taking: Challenge the status quo to achieve impact.
3. Empowerment and accountability: Empower action and hold others accountable for results.
Core Competencies
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as accommodations for individuals with disabilities. We are an equal opportunity and inclusive employer and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at the World Bank and IFC, including our values and inspiring stories.
#J-18808-Ljbffr