Division: Financial Services Group

Location: United Kingdom, London

Employment Type: Intern

Salary: £59, 415

Closing Date: 09 December 2022

Summer Intern – Trade & Supply Chain Finance & Intermediated Credit

Our mission and objectives

• British International Investment is the UK’s development finance institution, owned by the UK Government. We invest with the aim of solving the biggest global development challenges by investing patient, flexible capital to support private sector growth and innovation.
• We have over 70 years of experience successfully supporting the sustainable, long-term growth of businesses in Africa and Asia, and have recently expanded to invest in the Indo-Pacific and Caribbean.
• We invest to achieve impact and a financial return which is then reinvested for more impact. Over the past five years, we have committed almost £7 billion of new investments, with our net assets growing in value to approximately £7.5 billion. We are now invested in 1,200 businesses which directly employ over 900,000 workers and support many more. Over the next five years, we plan to grow further, and aim to commit around £9 billion of new investments over the period.
• Our new five-year strategy responds to the opportunities and challenges facing developing and emerging economies. To ensure our capital is used in the best way possible to meet these opportunities and challenges, it sets out three clear strategic objectives – to invest in productive, sustainable and inclusive development. These objectives mean an increased focus on climate finance, including investing in green infrastructure; on financing digital transformation; and on driving inclusive outcomes, including through gender and diversity finance.
• As part of our new strategy, we have changed our name to British International Investment (from 4 April 2022), to more accurately reflect our central role in the UK Government’s international financing offer.
• In the last few years, we have expanded our presence in Africa and Asia by opening new offices in Bangladesh, Egypt, Kenya, Myanmar, Nepal, Nigeria, Pakistan and Ghana; with additional locations opening soon.
• We take an entrepreneurial approach to investment. We think innovatively about ways to deploy our capital, attract, and mobilise other investors, and drive transformational impact.
• Deliver impact. We are a growing team of over 500 and place immense value on diversity within our organisation.
• Read more about us and the new strategy at bii.co.uk

The Teams

Trade and Supply Chain Finance (TSCF) and Intermediated Credit are both product teams that sit within the Financial Services Group (FSG) at BII. This internship will work across both teams ensuring the successful candidate develops a well-rounded exposure to FSG.

The TSCF team provides trade and supply chain finance across BII markets. This is achieved through FI, Corporate and SME risks using a variety of financing structures. The team takes a holistic approach to value chain financing seeking to participate in all areas of the value chain. Predominantly the team partners with Financial Institutions in BII markets to enter Master Risk Participation Agreements (MRPAs) through which BII is able to take risk on underlying borrowers. The team also provides direct loans to FIs and to Corporates and is currently growing its exposure to SME trade finance. Risk taken is short term (under 1 year) and is monitored and managed continuously by a dedicated portfolio management team.

The Intermediated Credit team is responsible for originating and executing:

• Structured credit transactions: using new credit vehicles, securitizations, CLOs, tranched structures, guarantees, etc. to channel capital into markets which CDC cannot adequately reach with existing products and/or to mobilise commercial investors into our markets
• Risk-sharing facilities (RSFs): with partner banks, with the aim of enhancing access to credit for target segments (e.g. MFIs, SMEs)
• Private credit funds (PCFs): broadening BII’s fund investing capability to include private credit funds, primarily in Africa, to catalyse the growth of this nascent asset class – with a particular focus on mobilising commercial investors.

Responsibilities 

Specific responsibilities will be driven by priorities and needs of the team at the time, but are expected to include some or all of the following:

Transaction structuring and execution

• Supporting senior members of the team and colleagues working on new RSFs, fund 7 TSCF proposals and other intermediated credit transactions
• Analysis, including sector / market analysis; company / borrower analysis (including credit analysis and financial modelling); macro-economic analysis
• Reviewing potential new transactions and structures to assess relevance to BII, structure, risks and rewards and how pricing/ returns compare to other transactions in the market
• Preparing relevant sections of investment proposals / papers, conducting due diligence and presenting investment recommendations to BII’s Investment Committee

Portfolio Management

• Supporting role on monitoring the portfolio of existing facilities and projects
• Responsibilities include reviewing company reports; monitoring compliance with covenants; flagging any potential credit issues and preparing monitoring papers for review by BII’s investment committee.
• Active engagement with relevant fund managers, banks and a broad range of other investors

Research and Strategy

• Assisting in the design and implementation of market scoping studies as relevant
• Keeping up to date with deal flow, deal management and portfolio monitoring database for all transactions covered by the Intermediated Credit & TSCF team 

The Candidate

Background

• University degree or equivalent and currently enrolled in an MBA/MSc programme or equivalent programme
• Demonstrable business experience in an international environment, including exposure to emerging market finance
• Experience in an investing role within development finance, private equity, banking, financial institutions or digital financial services (fintech) is desirable
• Demonstration of identity with BII’s proposition including:
  • An awareness of and appreciation for BII’s objectives
  • A desire and passion to be part of BII’s strategy and participate in its work
  • Evidence of high-performance standards in previous positions

Technical Skills

• Analytical acumen, research, financial modelling skills, and advanced knowledge of Excel
• Basic understanding of the key elements of due diligence, deal selection and investment decision-making
• FI credit analysis skills and ability to analyse an FI’s financial statements and make commercial assessments; strong writing skills in English required.
• Experience of structuring and executing debt transactions and undertaking credit analysis of corporates / financial institutions / structured debt transactions would be an advantage (although not essential)
• Some knowledge of relevant markets and sectors
• Basic commercial insight into the challenges and issues that businesses face in South Asia and Sub-Saharan Africa
• Understanding of emerging market environments and inherent challenges working in these environments
• Strong written and oral presentation skills
• Ability to analyse data, draw conclusions and present ideas

Candidates should be strongly motivated by BII’s development mission and ideally demonstrate some commitment to development or social goals through previous executive or non-executive activity.

Our cultural values

We look for team members who aspire, as we do, to work at our best and to be:

• Impact-led, commercially rigorous
• Tenacious in the face of challenges
• Collaborative and caring

British International Investment is committed to diversity and inclusion and welcomes all applicants regardless of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, sexual orientation or educational background.

Application Process 

• Please provide a cover letter with your application, and tell us why you would like to join the Summer Internship at BII, and why you have chosen to apply for this business area / team
• Please apply for one internship only
• Position opened: October 24^th, 2022
• Position closes: December 9^th, 2022
• Salary: £59, 415 (pro-rated over 8 or 10 weeks)

Please note BII will pay for flights to London for those studying internationally