CLO Tranche Analyst

New York Life Investment Management; New York (NY); On-site; USD 115,000 - 164,500; Full time

Job summary

New York Life Investment Management in New York is seeking a CLO Tranche Analyst to support the public leveraged finance team. The analyst will focus on credit risk assessment and cash flow modeling for CLO debt tranches. Responsibilities include analyzing debt tranches, modeling cash flows, and conducting ongoing surveillance of CLO holdings.

The ideal candidate will have a Bachelor's degree in Finance and 2–6 years of experience in structured credit or leveraged finance. The position offers a salary range of $115,000-$164,500 plus a discretionary bonus.

Qualifications

• 2–6+ years of experience in structured credit or leveraged finance.
• Strong understanding of CLO debt tranche mechanics and risk drivers.
• Proficiency with CLO modeling tools and advanced Excel.

Responsibilities

• Analyze CLO debt tranches focusing on downside protection.
• Model tranche cash flows under various scenarios.
• Evaluate CLO structural features and monitor credit quality.
• Support primary and secondary market CLO analysis and trading.

Skills

CLO modeling and analytics tools

Advanced Excel skills

Analytical skills

Strong communication skills

Education

Bachelor’s degree in Finance, Economics, Mathematics

Tools

Intex

Bloomberg

Python

VBA

SQL

Job description

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

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

Pay Transparency

Salary Range: $115,000-$164,500

Discretionary bonus eligible: Yes

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 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.