IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org
IFC Treasury and Syndications is a large and significant player in the international financial markets. The unit operates globally to deliver on IFC’s strategy to create markets and mobilize private capital for development. It manages over $100 billion in liquid assets, global market borrowings, and derivatives transactions, and is responsible for strengthening local-currency financing by arranging and executing local-currency and risk-management transactions for clients and raising third-party capital through innovative syndication and mobilization platforms.
IFC’s Treasury Client Solutions Department is a client facing transaction structuring and execution team that provides IFC’s clients with innovative fixed-income solutions with a focus on debt capital markets. The group has global responsibility for derivative transactions, structured products, local currency solutions, and debt capital markets initiatives. The team takes pride in contributing to many innovative transactions across the region that provide meaningful solutions to IFC’s clients.
The department is looking for a dynamic and highly motivated individual to support with the process of transitioning IFC’s LIBOR-based loan and swaps portfolio into SOFR, focusing on identifying relevant sections of LIBOR based contracts (loans and derivatives) that need to transition to SOFR, support with amending relevant LIBOR based hedging transactions into SOFR and associated tracking and reporting of transactions for IFC management. In addition, the individual will be supporting the internal stakeholders with analysis of economic implications of this transition. This is an exciting opportunity to join a team of financial professionals working on emerging markets globally and contribute to IFC's strategic priorities.
The position will be based in Washington, DC.
Role and Responsibilities
• Collecting, processing, integrating and analyzing a wide range of data (including documents) from internal data sources and colleagues across the institution.
• Developing, maintaining and improving data registry used to facilitate decision making around and implementation of LIBOR transition strategy.
• Delivering relevant analytics, insights, visualizations and presentations for decision making committees and IFC’s management.
• Supporting colleagues in executing LIBOR transition strategy, interacting with internal and external stakeholders. This will include reading the legal contracts that have LIBOR references (loans and derivative contracts), identifying the changes needed, and monitoring and reporting of the changes.
• Supporting amendment of the hedging products (mainly interest rate and cross currency swaps) to transition these from LIBOR to SOFR. This will include understanding the Summit system where derivatives are booked and then helping amend these from LIBOR to SOFR.
• At least a Bachelor’s degree with two years of experience or Master’s degree in data science, finance, econometrics, economics, mathematics, statistics or other relevant field;
• Strong data analysis and advanced knowledge of Excel/Access, good familiarity with databases (SQL);
• Practical knowledge of loan and derivatives contracts, including legal documentation and financial analytics related to these products;
• Theoretical and/or practical knowledge of financial markets, preferably fixed income markets, as well as familiarity with Bloomberg and Thomson Reuters would be a plus;
• Understanding of IFC’s investment operations would be a plus;
• Ability to multi-task and to pay attention to detail under tight deadlines;
• Good interpersonal skills with a proven ability to work in a team;
• Strong oral and written communication skills.
World Bank Group Core Competencies
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Note: The selected candidate will be offered a one-year appointment, renewable for an additional one year, at the discretion of the World Bank Group, and subject to a lifetime maximum ET Appointment of two years. If an ET appointment ends before a full year, it is considered as a full year toward the lifetime maximum. Former and current ET staff who have completed all or any portion of their second-year ET appointment are not eligible for future ET appointments.