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Distressed CDO funds help tighten bid-ask in secondary

The CDO market is witnessing a significant pick-up in trading of non-PIKable (payment-in-kind) distressed mezzanine paper. Hedge funds (or hedge fund-like units within insurance and reinsurance companies) across the globe are driving this recent increase in buying of distressed mezzanine paper and a handful of these shops are setting...

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