Funding and Derivatives Portfolio Manager

The Seattle Bank makes our communities better places to work and live by providing funding  products to its nearly 400 financial institution members -- and by contributing 10% of its annual net profits to affordable housing and community economic development.

A $50 billion institution, the Seattle Bank is one of 12 Federal Home Loan Banks located across the US.

Funding and Derivatives Portfolio Manager

The Funding and Derivatives Portfolio Manager has primary responsibility in acquiring term financing in the most cost-effective manner using the cash and derivatives markets. Responsibilities include issuing debt, exercising options, and executing interest rate swap transactions in a manner that lowers the Bank’s cost of funds for its term funding.

The position is responsible for recommending and executing funding strategies based on established financial targets, management input, market conditions and experience. The position is intimately involved with the profitability and risk management of the Bank’s MBS/CMO, agency investment, and Advance programs by pricing and acquiring the funding for these activities. The individual must be able to act independently when necessary to protect the Bank, reduce risk or interpret a situation not contemplated by management’s guidance and assess the relative importance of a large number of competing goals and priorities. Additionally, the position supports the management of the money market portfolio, advance/deposit pricing, hedging activities and liquidity management.

The Funding and Derivatives Portfolio Manager is responsible for the execution of the Bank’s multi- billion dollar liability portfolio. In this role the Funding and Derivatives Portfolio Manager analyzes funding and hedging opportunities in the Agency debt, Discount Notes, Swaps, Swaptions, debt offerings involving embedded complex derivatives (options, basis swaps, etc.) and repo markets for optimal sources of term funding to achieve growth targets, meet liquidity needs, and to maximize income. 

Incumbent will be subject matter expert on market conditions and the overall economic conditions that impact agency debt, coordinating with the other Portfolio Managers and Customer Funding area to develop and execute term funding strategies that will maximize the risk/return profile of these key activities. 

Responsible for determining and executing optimal exercise strategies for debt options and interest rate swaps based on management’s financial and risk targets and  manages the interest rate swap portfolio to achieve funding targets and control interest rate risk exposures. Executes hedge transactions using swaps, swaptions and intermediation of member interest rate swaps.

Manages relationships with the Street to assure the Bank has adequate access to funding. Utilizes Street resources to obtain efficient execution for existing transaction types and to obtain ideas for new products, hedges and funding.

Serves as a primary contact with the Office of Finance for debt issuance. Participates and represents the interest of the Bank in the development of FHLB system debt issuance policies and practices including the daily negotiation of system swapped funding guidelines to minimize our cost of funds while assuring adequate funding mechanisms for the Bank to issue debt for balance sheet and risk management.

Qualified candidates will possess a Bachelor's degree in Business, Finance or related field is required.  Advanced degree in Business related discipline, CFA designation, or an equivalent combination of education and experience from which comparable knowledge and skills may be acquired.

Position requires 5+ years banking experience including 2+ years in a trading environment managing portfolios with bottom line accountability or demonstrated aptitude and expert knowledge of Fixed Income markets including: interest rate derivatives; agency debt; money markets; hedge accounting.

A solid understanding of financial markets and instruments, including pricing theory and relative value analysis is required.

Strong quantitative and computer skills including experience with mainframe applications and expertise in spreadsheet modeling is needed with experience using trading analytic software to evaluate OAS, duration, convexity and key rate duration highly desirable.

Must have the ability to work early hours

We offer a rich compensation package, including competitive wages, comprehensive health benefits for employee, three weeks vacation, 401K, a business casual environment as well as other benefits. Qualified candidates should direct resume and cover letter to: 

Recruiter1, Federal Home Loan Bank of Seattle

1501 Fourth Avenue Suite 1800

Seattle, WA, 98101-1693.

Or E-Mail: recruiter1@fhlbsea.com.

No phone calls, please.

The Federal Home Loan Bank values diversity in the workforce and is an equal opportunity employer. Women and Minorities are encouraged to apply.