Financial Officer

Do you want to build a career that is truly worthwhile? Working at the World Bank provides a unique opportunity for you to join us to help our clients solve their greatest development challenges. The World Bank (WB) is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions (IBRD, IDA, IFC, MIGA, and ICSID) dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development on a livable planet. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges.

The World Bank

• The World Bank is one of the world’s largest sources of funding and knowledge for developing countries and works in more than 100 developing economies to improve living standards and fight poverty. For each client, the World Bank uses financial resources and extensive experience to help our client countries to reduce poverty, increase economic growth, and improve quality of life. There are five World Bank Group institutions, each of which specializes in different aspects of development: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).

The World Bank’s Twin Goals

• The World Bank has twin goals of ending extreme poverty and promoting shared prosperity on a livable planet. Its capacity to fulfill these goals is underpinned by a Treasury Vice Presidency (“Treasury”) that is widely recognized across the global capital markets for its dynamic professionalism and its record of innovation in obtaining outperformance for its clients in all the Treasury’s functions.

The World Bank Treasury

• Treasury is the Vice Presidency performing treasury functions for IBRD and for other members of the World Bank Group. Its activities are organized and grouped along three departments: (1) capital markets, investments & financial products, (2) asset management and advisory, and (3) treasury operations. Treasury has been a large and significant player in the international financial markets for more than 70 years and has achieved a global reputation as a prudent and innovative borrower, investor, and risk manager. Treasury is responsible for: (i) managing more than $185 billion in assets for the World Bank and other official-sector investors; (ii) leading the World Bank’s financing program in international and domestic bond and derivatives markets; (iii) conducting asset and liability management for IBRD and IDA’s balance sheets; (iv) overseeing the development and outreach related to the financing and hedging products that IBRD and IDA provide for their developing-country clients; and (v) collaborating with official sector institutions of member countries to help build their capacity in asset and public debt management.
• Within Treasury, the Capital Markets, Investments & Financial Products department (CMI) is responsible for managing annual funding programs for IBRD (approx. $50-60 billion) and IDA (approx. $10-15 billion), and building sustainable capital markets, managing liquid asset portfolios for IBRD and IDA (approx. $115-125 Billion), and the asset and liability management aimed at reducing risk on IBRD and IDA’s balance sheets. CMI also advises clients on loans and risk management products, and structures financial products for development. CMI places a strong emphasis on achieving the best possible financial terms within the prudent market, liquidity, credit, operational, and reputational risk parameters. CMI is comprised of six teams carrying out these responsibilities. The working environment is fast-paced and dynamic, as the teams regularly deal with new ideas, projects, and challenges.

This job posting would for the Capital Markets & Investments Debt Origination team (CMIDO): 

• CMIDO is responsible for managing the World Bank’s (IBRD & IDA) combined annual funding program of approximately USDeq. 60-75 billion in global bond markets.  The team manages the World Bank’s benchmark funding program in global currencies, as well as transactions in emerging market currencies. The goal is to achieve the funding needs on a sustainable basis and at the best possible cost through a variety of programs, markets, currencies, and instruments, including both plain vanilla and structured notes. The team is responsible for managing the hedging of all issuances and manages two short-term funding programs (IBRD Discount Notes and IDA Bills) with about US$15 bn outstanding.

Duties and Accountabilities:

The Financial Officer will be a member of the CMIDO Team with roles and responsibilities outlined below:

• Preparing and executing derivatives transactions (plain and structured swaps) used to hedge the risk of IBRD and IDA’s balance sheets, including evaluating, structuring, and negotiating the transaction terms.
• Executing the short-term funding debt for IBRD (Discount Notes).
• Contribute to the design and execution of IBRD and IDA’s capital market strategies in the global markets – in both developed and emerging markets.  The goal is to achieve funding on a sustainable basis and at the best possible cost through a variety of programs, markets, currencies, and instruments, including both plain vanilla and structured notes.
• Supporting the team in preparing and executing ongoing funding (plain vanilla, structured) and buyback transactions for IBRD and IDA; including evaluating, structuring, and negotiating transaction terms.
• Cultivating and maintaining partnerships with investment banks; in particular underwriting and derivative counterparties, to promote the franchise of the IBRD and IDA in the capital markets.
• Working with the Investor Relations team (CMIIS) to develop our investor outreach program – including as required participating in investor meetings, presentations, road shows, conferences, etc.
• Ensuring IBRD and IDA securities obtain the relevant regulatory approvals for new markets and seeking consents to access new markets from the respective governments where needed.
• Collaborating with colleagues across multiple units in the Bank on IBRD and IDA with particular regards to funding needs and limitations, ALM and liquidity management policies.
• Collaborating on World Bank Treasury initiatives including reporting, risk management and technology enhancement projects.
• Providing technical expertise on bond markets and derivatives to World Bank’s clients and other business units.
• Any other duties as assigned.

Selection Criteria

• Advanced degree (master’s or equivalent) in finance or economics or a relevant discipline.
• A minimum of 5 years of direct practical experience in Derivatives (Sales/Trading/Structuring). Additionally, further experience in Debt Issuance, Syndicate/MTN experience in broader global capital markets preferred.
• Knowledge and demonstratable experience in fixed income capital markets, particularly related to derivative instruments, their pricing, and uses in hedging bond transactions.
• Excellent verbal and written communication and presentation skills in English is required. Excellent verbal communication skills in additional languages can be beneficial.
• Ability to present complex products or analyses in a clear and concise manner.
• The ability to execute financial market transactions under stress or with only imperfect information.
• The ability to negotiate effectively and influence others.
• Good team player with excellent interpersonal skills, initiative, drive, and the ability to interact successfully with all levels at the Bank as well as external counterparts such as market counterparts, government, authorities, etc.
• Good organizational skills and proven ability to multi-task, prioritize, and work quickly under pressure, often under tight and rapidly changing deadlines.
• Ability to work with a global team of diverse ranks and professional and cultural backgrounds to cover various markets, which could require flexibility to work outside regular office hours.
• Willingness to travel as and where necessary.
• Highest ethical standards.

Source: https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=28534&site=1