Job Title: Primary CMBS Trader
Corporate Title: Associate
Department: Global Markets-SP
Location: New York
The pay range for this position at commencement of employment is expected to be between $175,000-$210,000 year * (see below footnote for additional compensation and benefits information).
Nomura is a financial services group with an integrated global network. By connecting markets East & West, we service the needs of individuals, institutions, corporates and governments through our four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking) and Banking.
Driven by the insights of some 28,000 people worldwide, we put our clients at the center of everything we do, delivering unparalleled access to, from and within Asia. For further information about Nomura, visit www.nomura.com
Aon’s Benefit Index®, Nomura’s benefits rank #1 amongst our competitors
Department Overview
Nomura's Global Markets department provides liquidity, market insights, and execution services to clients worldwide across various asset classes, including equities, fixed income, currencies, and commodities. The team's focus on innovation and technology provides clients with access to cutting-edge trading platforms and customized solutions. Nomura's Global Markets team specializes in market-making, risk management, and electronic trading, with a strong global presence and reputation for exceptional service to clients. With expertise, global reach, and commitment to innovation, Nomura's Global Markets department is well-positioned to continue driving growth and success in the financial industry.
Job Description – Primary CMBS Trader
The CMBS Primary 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, 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.
Key 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 that balance 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.
Technical 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.
- 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.
- Manage pipeline risk in conjunction with Risk teams, including pre-pricing and hedging strategies.
- Monitor and interpret primary market spreads, issuance trends, and macro factors affecting CMBS and broader credit markets.
Qualitative Skills
- 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.
Preferred Qualifications
- 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.
* base pay offered may vary depending on multiple individualized factors, including market location, corporate and functional title and duties, job-related knowledge and advanced degrees, skills, and experience. The total compensation package for this position may also include other elements, including a sign-on bonus, restricted stock units, and discretionary awards in addition to a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. Details of participation in these benefit plans will be provided if an employee receives an offer of employment.
If hired in the U.S., employee will be in an “at-will position” and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors”.
**US FINANCE ONLY** Applicants f or this position in the Finance Division of NHA must be currently authorized to work f or any employer in the United States. The Finance Division is not sponsoring or taking over sponsorship of employment visas f or this posit ion at this time
Nomura is an Equal Opportunity Employer
