New York Life Prices Company’s First CLO Transaction of 2025

Business Wire

Transaction follows company-record CLO volume in 2024 which brought six CLO deals to market as an active issuer investing in CLO debt tranches across the capital structure

NEW YORK--(BUSINESS WIRE)--
New York Life today announced the company’s first collateralized loan obligation (CLO) transaction of 2025, Flatiron CLO 30 Ltd., a new CLO issuance. The transaction follows a company-record CLO volume last year. Having first entered the CLO market in 2001 to generate an additional source of returns for the company’s policy owners, New York Life’s historic 2024 brought six deals to market including four new issuances and two reset transactions for existing portfolios.

The team also achieved a company-record year investing in CLO debt tranches across the capital structure, which grew its CLO tranche portfolio to almost $10 billion. Attractive relative value, spreads and all-in-yields contributed to a 35-percent increase in CLO investments in 2024 over its previous annual high.

"At the start of last year, we identified the favorable market conditions that continue today and seized the opportunity to accelerate our efforts both as an active issuer and an investor of CLOs," said Chris Saltaformaggio, senior director with New York Life Investors, the team that manages over $300 billion across public and private assets for New York Life’s General Account and third-party investors around the globe. "Last year’s achievements parallel a broader trend of growth in the CLO industry and reflect the expertise and dedication of our team as we pursue these strategic investments."

New York Life’s CLO transactions involve investments from the company’s General Account as well as strategic partnerships with third-party investors drawn to the team’s experienced research managers with proven track records and demonstrated ability to navigate complex market environments and capabilities in both new CLO issuance and CLO debt investing.

New York Life’s six CLO transactions in 2024 are listed below.

New Issuances

Flatiron CLO 25 Ltd.
Flatiron CLO 26 Ltd.
Flatiron RR CLO 27 Ltd.
Flatiron RR CLO 28 Ltd.

Reset Transactions

Flatiron CLO 20 Ltd.
Flatiron CLO 21 Ltd.

"Following a watershed year for our CLO business in 2024, we entered this year optimistic about the potential for continued growth in the CLO space," said Beth Standbridge, managing director with New York Life Investors. "Having just recently priced our first transaction of 2025, our focus remains on delivering value to New York Life’s policy owners."

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest¹ mutual life insurance company in the United States and one of the largest life insurers in the world. With headquarters in New York City, New York Life’s family of companies offers life insurance, and other solutions. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.²

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/4/2024. For methodology, please see https://fortune.com/franchise-list-page/fortune-500-methodology-2024/.

²Individual independent rating agency commentary as of 10/4/2024: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).