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Mutual fund 12b-1 fee market still kicking, with structural enhancements

Constellation Financial Management has its second deal of the year in the market, a $290 million area Aa2/AA (Moody's/Fitch) floating rate privately placed securitization of 12b-1 mutual fund fees via Bear Stearns. The deal is indexed over three-month Libor.

Bear is also the warehousing agent for the transaction, sources...

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