CLOs

The $407 million Crown Point 4 is also the first CLO in nearly three years for Valcour, which was last in the market with the $400 million Crown Point III in March 2015.

Traditional refinancings are document intensive, time-consuming and costly; the SEC has given the green light to more efficient mechanism that resets coupons at periodic auctions.

Previously a partner at Winston & Strawn, he brings more than 25 years of experience handling complex structured finance and specialty finance transactions.

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.

Marketplace lenders bringing securitization in-house seized the top spot in 2017; readers also focused on Blackstone's big entry into an esoteric corner of the CRE market and the PACE industry's embrace of consumer protections.

Corporate borrowers have started to ask lenders for leeway to be acquired by another company, under certain circumstances, without having to refinance their debt, according to Covenant Review.

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.