Vice President ??? LIBOR Discontinuation Project ??? SPD

Vice President – LIBOR Discontinuation Project – SPD(Specialised Product Department)
Mid–Tier Bank
7m Contract ongoing – GBP575 a day
Purpose of Job
* The fundamentals of the role involve taking a managerial position in the team responsible for the IIBOR transition project in relation to a substantial portfolio of primarily Leveraged Finance assets alongside smaller portfolios of Real Estate Finance, Subscription Secured Finance and Structured Credit assets managed by the portfolio teams within SPD.
* The principal objective is to deliver the transition of the book from IBOR based interest rate fundamentals to the appropriate Risk Free Rate replacement as dictated by bank policy and imposed by the banking regulators with a current delivery date imperative to conclude the transition process and documentation by 31.12.2021
* Liaise and interface with other stakeholders and indirect resource provided to support the exercise and also across the various portfolio managers and origination teams. This would also include but not be limited to liaison with seconded paralegals / any external legal resource (up to 2 requested) and other internal departments, such as LCM–Agency, Credit Department, Loans Administration and Capital Markets in relation to proprietary swap exposures.
* Deliver timely responses to ad hoc queries and present quality management information evidencing progress and status associated with the various stages of transition /conversion. Appropriate KPIs to be defined.
* Manage and delegate workload and tasks across the project team, in association with individual portfolio managers and FO colleagues.
* Appropriately mentor and develop less experienced staff providing guidance and assistance of a technical, procedural or practical nature.
* Deliver a good level of competence and knowledge of Finance Documents and connection to the booking of conventional loans and associated swaps / derivatives
Background
* The genesis of this position starts with the mandate passed by government and regulators to reform the formula and the basis upon which interest is applied to banking products and associated derivatives. There is a delivery imperative which requires banks to complete the transition exercise by 31.12.2021
* Through the scoping of the transition exercise within SPD c.180 financings have been identified for transition, c.16 of which the bank will take the lead and the balance where the bank will follow or take a non–lead role.
* The project will require active liaison with both internal and external stakeholders which will be a key component of the job. External parties would include, borrowers, agent banks, sponsors, legal, financial and technical advisers. Internal counterparties involved are Audit, Credit Department, Treasury, Operations, Finance, Compliance and the bank in connection with any associated hedging product
* Capacity to analyse and use Excel to a high degree of skill is required given the use of data sets, reporting tools and other proprietary systems.
Facts / Scale
* As referenced in section 3 above, the initial scoping identified c.180 transactions that will require transition across the full range of our portfolio. c.16 deals were identified that we will be required to take the lead (generally bi–lateral, agented or Bookrunner deals) and the balance where the bank will likely follow the lead of other banks.
* The scoping exercise sought to separate the deals based on complexity based by a number of key variables including deal size and whether hedging is in place and converted those components to FTE resource and conclude that a project team of up to 6 people might be required, including access to up to 2 paralegals / junior lawyers.
* The initial phase will involve a core of 3 (as referenced above).
* The role will initially have no direct reports but is expected to increase to at least 1 report. At the VP level there is an expectation that the job holder takes significant responsibility for the supervision of work packages associated to the task, training, mentoring and development of subordinate staff as necessary.
* Duties would include ready exchange of technical knowledge and know how. There is also an expectation that minimal supervision and intervention by seniors is necessary as technical competencies should be high.
* Interfaces with various departments are described in Section 3 above.
* The SPD portfolio is a c.$9.5bn loan book plus a small number of interest rate derivatives
Accountabilities & Responsibilities
* Direct Management of the delivery of IBOR transition through the course of 2021 (possibly extendable).
* Timely delivery of Management Information and performance to relevant KPIs (to be defined).
* Monitor and assess all aspects of risk associated with the aforementioned IBOR transition related project tasks, re–documentation and eventual closure, which would include delivery of appropriate swap/derivative re–execution.
* Track delivery client contact, modifying documentation and ultimate delivery of executed documentation.
Knowledge, Skills, Experience & Qualifications
* Fundamental knowledge of Finance Documents
* Intermediate to advanced knowledge of Excel and associated ability to analyse complicated data sets alongside ability to interpret outputs and sensitise against risk events.
* Previous good level of experience in the relevant finance sector
* Education to degree standard with a solid background in risk assessment (Banking, Accountancy or Engineering degree).
* Good knowledge of financial sponsors / alternative asset managers
* Ability to understand complex issues around loans and swaps and Libor transition
* Fundamental knowledge of IBOR transition issues in debt and derivatives markets