CDOs

The New York-based alternative asset manager is first out of the gate with a new-issue deal amidst a flurry of early reset/refinancing activity totaling $3.4 billion.

The Carlyle Group, Blackstone/GSO and Investcorp have reset or refinanced a trio of 2014 and 2015 vintage, euro-denominated deals.

The $165 billion of collateralized loan obligations that were refinanced in 2017 as a whole account for more than one-third of all U.S. CLO assets under management, according to Thomson Reuters LPC.

Tralee CLO IV is a $409.2 million portfolio that immediately more than doubles the assets under management for Par-Four Investment Management.

With ideal macroeconomic fundamentals of economic growth and low interest rates still in place, S&P Global sees no reason for issuance to slow in 2018.

Carlyle has raised an additional $800 million for "opportunistic" debt and equity investments of third-party CLOs, in a planned expansion of its $19.4B in structured credit business assets under management.

AXA Investment Advisors' two primary-issue CLOs in 2017 were each priced within the past month.

Many raised large amounts of capital to put to work in the equity, or riskiest slices of their deals, allowing them to resume issuing new deals just as new loan issuance was taking off.

Exposure to PetSmart's now triple-C rated loan will strain the distressed debt limits of 24 collateralized loan obligations, while two other deals face potential interest-diversion test failures.

The collateralized loan obligation market is ending the year at nearly full throttle with nearly $18 billion in new deal/refi volume month-to-date, with more on the way.