CIB Agency CMBS Associate

About the role

The Agency CMBS Associate works within Santander's CIB Markets group, supporting the front‑office trading, risk management and client activities of the Agency CMBS desk. You will partner with senior traders and sales professionals to price, execute and analyze transactions while providing market insight to clients.

Key responsibilities

• Support trading and market‑making in Agency CMBS and related securitized products across primary and secondary markets.
• Price securities, respond to client inquiries and execute trades within approved limits.
• Develop relative‑value views using spread, cash‑flow, collateral, prepayment, extension, liquidity and technical analysis.
• Analyze Agency CMBS structures, collateral and cash‑flow characteristics.
• Monitor positions, inventory, P&L, market risk, liquidity and hedge effectiveness.
• Assist in developing and executing hedging strategies using appropriate rate and spread products.
• Partner with Sales to deliver market colour, portfolio analysis and actionable client ideas.
• Track new issuance, investor demand, dealer positioning and broader rates‑market trends.
• Maintain accurate marks, trade bookings and position data; resolve breaks, fails and settlement issues.
• Build and improve analytical models, dashboards and workflow tools in Excel and other approved platforms.
• Contribute to desk projects, process improvements, product development and junior team development.

Required profile

• Bachelor’s degree in Finance, Economics, Mathematics, Engineering, Computer Science or a related field, or equivalent experience.
• Minimum 2 + years of relevant sales and trading experience, preferably in Agency CMBS or related securitized products.
• Strong analytical mindset with the ability to assess relative value, risk and cash‑flow structures.
• Effective communication and collaboration skills to work with traders, sales, research, operations, risk, finance, legal and compliance teams.

Required skills

• Excel