Below Investment Grade and CLO Asset Manager Search Services

The Vendor is required to provide asset manager(s) to manage one or more of the below mandates. 
- The total expected allocation is estimated at $1 billion to be distributed across the four categories below: 
• High Yield Corporate Bonds
• Bank Loans
• CLOs
• Multi-Strategy Below Investment Grade Assets (combination of High Yield Corporate Bonds and Bank Loans).
- Mandate Descriptions
1. Mandate One: High Yield Corporate Bonds
• Portfolio of US high yield corporate bonds
• Weighted average credit quality of no lower than B+
• Invested as a separately managed account
• Limited by the following constraints:
○ All bonds must be issued in USD;
○ No purchases below B-;
○ 2% limit on hybrids;
○ No derivatives, leverage, or short selling usage;
○ Bonds must be rated by at least one of the following rating agencies: Moody's, S&P, Fitch.
2. Mandate Two: Bank Loans
• Portfolio of US bank loans
• Weighted average credit quality of no lower than B+
• Invested as a separately managed account
• limited by the following constraints:
○ All loans must be issued in USD;
○ Broadly Syndicated Loans only;
○ No purchases below B-;
○ No derivatives, leverage, or short selling;
○ Loans must be rated by at least one of the following rating agencies: Moody's, S&P, Fitch.
3. Mandate Three: CLOs
• Portfolio of CLOs
• Weighted average credit quality of A
• Invested as a separately managed account
• Limited by the following constraints:
○ All underlying loans must be issued in USD
○ Underlying loans must be broadly syndicated
○ Purchases must be rated between A- and AA+ inclusive
○ Must not have any ratings below A- from any of the rating agencies
○ Must be rated by at least one of the following rating agencies: Moody's, S&P, Fitch
○ No derivatives, leverage, or short selling
4. Mandate Four: Multi-Strategy
• Portfolio including US High Yield Corporate Bonds and US Bank Loans (the current product must include all 2 asset classes in order to qualify)
• Weighted average credit quality of no lower than B+
• Invested as a separately managed account
• Limited by the following constraints:
○ Investments in each asset type shall follow the constraints noted in their respective sections above.
- Contract Period/Term: 7 years
- Questions/Inquires Deadline: July 25, 2025