CMBS trader

Nomura is a financial services group with an integrated global network spanning East and West. The company serves individuals, institutions, corporates, and governments through four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. With 28,000 employees worldwide, Nomura delivers unparalleled access to, from, and within Asia.

About the Department

Nomura's Global Markets department provides liquidity, market insights, and execution services to clients worldwide across equities, fixed income, currencies, and commodities. The team specializes in market-making, risk management, and electronic trading, leveraging innovation and technology to offer cutting-edge trading platforms and customized solutions.

About the Role

The Primary CMBS Trader is responsible for structuring, pricing, and distributing new-issue commercial mortgage-backed securities across Conduit, SASB, and CRE CLO platforms. This role requires advanced quantitative modeling, a strong understanding of deal mechanics, and the ability to bridge structuring analytics with investor and syndicate execution. The ideal candidate combines deep technical proficiency in CMBS cash flow modeling with strong organization and communication skills.

Responsibilities

• Lead structuring and pricing analysis for primary CMBS conduit transactions, optimizing tranche sizing, credit enhancement, and spread targets.
• Collaborate with Banking, Underwriting, and Securitization teams to design efficient structures balancing investor demand, capital efficiency, and regulatory requirements.
• Build and maintain detailed bond-level cash flow models using Intex, Bloomberg, Excel, and proprietary tools.
• Develop and refine deal comparables and relative value frameworks across vintages, shelves, and product types (Conduit, SASB, CRE CLO).
• Partner with Sales and Syndicate to provide investors with detailed structural analysis, collateral summaries, and pricing rationale.
• Manage pipeline risk in conjunction with risk management, including pre-pricing and hedging strategies.
• Monitor and interpret primary market spreads, issuance trends, and macro factors affecting CMBS and broader credit markets.

Qualifications

• 2+ years of experience in CMBS Conduit structuring.
• Comprehensive understanding of CMBS capital structures, cash flow waterfalls, prepayment, credit enhancement mechanics, and tranche interdependencies.
• Bachelor’s degree in Finance, Economics, Engineering, Mathematics, or another quantitative discipline; advanced degree or CFA a plus.
• Prior experience in CMBS Conduit structuring.
• Established relationships with rating agencies, accounting firms, and B-piece buyers (advantageous).

Skills

• Modeling skills in Intex, Trepp, and Bloomberg functions.
• Advanced Excel proficiency (formulas, macros, data tables); experience with VBA, Python, or SQL for custom analytics preferred.
• Strong command of loan-level analytics—DSCR, LTV, occupancy, property type concentration, and geographic diversification.
• Familiarity with risk retention structures, B-piece execution, and regulatory capital implications.
• Highly analytical and detail-oriented, with a rigorous approach to modeling and verification.
• Excellent verbal and written communication skills to convey structural logic and trade rationale to both technical and non-technical audiences.
• Strong collaboration skills, especially across origination, underwriting, and sales teams.
• Capable of managing multiple deals simultaneously in a fast-paced environment with tight deadlines.
• High level of professional judgment and integrity, with sensitivity to confidential transaction data.

Pay

The pay range for this position at commencement of employment is expected to be between $175,000 and $210,000 per year. The total compensation package may also include a sign-on bonus, restricted stock units, discretionary awards, and a full range of medical, financial, and other benefits (e.g., 401(k) eligibility, paid time off).

US applicants for this position in the Finance Division must be currently authorized to work for any employer in the United States. The Finance Division is not sponsoring employment visas at this time.