CLO Tranche Analyst

New York Life; New York (NY); Hybrid; USD 115,000 - 165,000; Full time

Benefits offered by this job

Comprehensive benefits package

Job summary

New York Life Investment Management is seeking a CLO Tranche Investment Analyst for its Global Fixed Income Group. You’ll analyze debt tranches (AAA–BB) of CLOs, assess downside risk, and build cash flow models to support investment decisions across primary and secondary markets.

You will model scenarios, evaluate structural features, monitor credit quality, and prepare concise memos for investment committees, collaborating with portfolio managers in a fast-paced, performance-driven environment.

Qualifications

• Bachelor’s degree in Finance, Economics, Mathematics or related field; CFA or progress toward CFA preferred.
• 2–6+ years in structured credit, CLO debt investing, or leveraged finance on buy/sell side.
• Strong understanding of CLO debt tranche mechanics and downside risk drivers.
• Proficiency with CLO modeling and analytics tools (Intex, Bloomberg, or models).

Responsibilities

• Analyze CLO debt tranches (AAA–BB) focusing on downside protection and cash flow stability.
• Model tranche cash flows under base and stressed scenarios including defaults and recoveries.
• Evaluate CLO structural features, tests, triggers, and reinvestment constraints.
• Monitor loan portfolio credit quality and industry risk; perform relative value analysis.
• Prepare investment memos and presentations for investment committees.
• Support primary market analysis by reviewing documents and manager track records.

Skills

Analytical skills

Communication (verbal/written)

Education

Bachelor’s degree in Finance/Economics/Mathematics

CFA or progress toward CFA preferred

Tools

Intex

Bloomberg

Excel

Python

VBA

SQL

Job description

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, performance-driven investment environment

#LI-AM1

Job Level: LEVELPF4

Pay Transparency

Salary 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 Benefits

We 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.

Our Commitment to Inclusion

At New York Life, fostering an inclusive workplace is fundamental to who we are and how we serve our communities. We have a longstanding commitment to creating an environment where individuals can contribute their best and succeed together. This foundation is rooted in our core values of humanity and integrity, ensuring that every employee feels valued and supported. By embracing a broad range of perspectives and experiences, we achieve greater success and fulfill our promise of providing financial security and peace of mind to families across all communities.

Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners.