Location Designation: Hybrid - 4 days per week
New York Life Investment Management (NYLIM) is seeking to add a CLO Tranche Investment Analyst to its Global Fixed Income Group. Current CLO Tranche assets under management exceed $10 billion and are growing for general account and third-party party portfolio's.
Role Overview:The CLO Tranche Analyst will support the public leveraged finance team with a primary focus on debt tranches (AAA-BB) of Collateralized Loan Obligations. The role centers on credit risk assessment, cash flow modeling, relative value analysis, and ongoing surveillance to support investment decisions across primary and secondary CLO markets. The analyst will work closely with the portfolio manager to identify attractive risk-adjusted return opportunities while managing downside risk.
What You'll Do:- Analyze CLO debt tranches (AAA through BB), focusing on downside protection, structural subordination, and cash flow stability
- Model tranche cash flows under multiple scenarios (base, stress, and manager-specific downside cases), including default, recovery, and prepayment assumptions
- Evaluate CLO structural features including OC/IC tests, triggers, diversion mechanics, and reinvestment constraints
- Monitor underlying loan portfolio credit quality, including WARF, diversity score, CCC exposure, obligor concentration, and industry risk
- Perform relative value analysis across tranches, vintages, managers, and capital structures to support trade ideas
- Assess impact of resets, refinancings, trading activity, and amendments on tranche performance and valuation
- Support primary market analysis by reviewing/negotiating offering documents, indentures, and assessing manager track records
- Conduct ongoing surveillance of existing CLO holdings, identifying early warning signals and recommending risk mitigation actions
- Support CLO tranche trading activity by evaluating relative value, monitoring market color, and assisting with execution
- Prepare concise investment memos and presentations for internal investment committees
What You'll Bring:- Bachelor's degree in Finance, Economics, Mathematics, or a related discipline (CFA or progress toward CFA preferred)
- 2-6+ years of experience in structured credit, CLO debt investing, or leveraged finance on the buy side or sell side
- Strong understanding of CLO debt tranche mechanics, credit enhancement, and downside risk drivers
- Proficiency with CLO modeling and analytics tools such as Intex, Bloomberg, or proprietary cash flow models
- Advanced Excel skills; experience with Python, VBA, or SQL is a plus
- Strong analytical skills with the ability to translate complex structures into actionable investment insights
- Excellent written and verbal communication skills
Preferred Attributes:- Experience analyzing senior and mezzanine CLO tranches across multiple market cycles
- Familiarity with rating agency methodologies and stress frameworks for CLO debt
- Strong risk mindset with a focus on capital preservation and downside scenarios
- Strong team player with the ability to manage and prioritize multiple tasks
- Ability to operate independently in a fast-paced, performance-driven investment environment
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Job Level: LEVELPF4Pay TransparencySalary Range: $115,000-$164,500
Overtime eligible: Exempt
Discretionary bonus eligible: Yes
Sales bonus eligible: No
Actual base salary will be determined based on several factors but not limited to individual's experience, skills, qualifications, and job location. Additionally, employees are eligible for an annual discretionary bonus. In addition to base salary, employees may also be eligible to participate in an incentive program.
Our BenefitsWe provide a full package of benefits for employees - and have unique offerings for a modern workforce, including leave programs, adoption assistance, and student loan repayment programs. Based on feedback from our employees, we continue to refine and add benefits to our offering, so that you can flourish both inside and outside of work.Click hereto discover more about our comprehensive benefit options or visit our NYL Benefits Site.
Job Requisition ID: 94253
