Bain Capital Credit is pursuing the first U.S. CLO refinancing this year that does not appear driven by risk-retention strategies.

Race Point VIII CLO, a 2013 vintage transaction, is the first of dozens of refinanced collateralized debt obligation transactions since Jan. 1 that is not being structured to meet the strict refi criteria of a so-called “Crescent” deal – a term market participants are using to describe a limited refinancing designed to maintain an older deal’s grandfathered exemption to the new risk retention standards in CLOs.

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