What problem does it solve? Structured credit analysis requires connecting legal structure, collateral behavior, waterfall mechanics, and tranche-level risk, and analysts often anchor on spread before understanding whether the structure actually protects them. This Skill provides a disciplined underwriting workflow for securitized products so tranche recommendations rest on structure and collateral quality rather than headline yield. ## Core Features & Use Cases - Structure-first underwriting: Maps true sale, bankruptcy remoteness, tranche attachment and detachment, reserve accounts, and OC/IC test mechanics before relative value. - Collateral and agent assessment: Evaluates default timing, loss severity, prepayment behavior, concentration risk, and the quality of CLO managers, servicers, and special servicers. - Scenario and monitoring outputs: Produces structure snapshots, waterfall and test dashboards, base/downside/severe scenarios, and tranche-level recommendations with monitoring breakpoints. - Use Case: An analyst reviewing a new-issue CLO can produce a full underwriting package covering collateral metrics, coverage test cushions, manager evaluation, and scenario analysis showing which tranche protections fail first. ## Quick Start Analyze this CLO new-issue deal and produce a structure snapshot, waterfall and test dashboard, scenario analysis, and tranche recommendation with monitoring items.
