The Blackstone Group wowed the structured finance world last week when it launched the largest CLO since 1998.

At $1.022 billion, Monument Park CDO Ltd. is twice the size of most of the CLOs launched in the last four years. CLOs are normally structured to give their manager between three and six months to invest the funds. With so large a vehicle, that would be a tall order, so Blackstone persuaded Monument Park investors to extend its investment period to 18 months.

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