CLO Tranche Analyst

**Location Designation:** Hybrid - 4 days per week **About New York Life Investment Management** With over $800 billion in assets under management, NYLIM is a *Pensions & Investments*' Top 30 Largest Money Manager and one of the largest global asset managers serving institutional, retail and insurance clients. NYLIM brings together the firm’s global investment teams under one unified brand, combining specialized expertise with the strength and stability of New York Life. Our platform is built on disciplined active management, deep investment capabilities and a long-term partnership approach designed to deliver enduring value across market cycles and help clients navigate the next era of investing. More powerful, together, we combine the agility of specialized investment teams with the scale and longevity of a leading mutual institution. 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, pe…