CLO Tranche Analyst

About the role

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 portfolios.

Responsibilities

• 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
• Maintain credit quality of underlying loan portfolio, 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

Requirements

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
• Able to operate independently in a fast-paced, performance-driven investment environment