CLO Tranche Analyst

New York Life Insurance Co•New York, NY

4d•$115,000 - $164,500•Hybrid

About The Position

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. 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.

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

Nice To Haves

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

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
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