ARLINGTON, Va. - With spreads widening on privatized military housing bonds amid unprecedented market turmoil, issuers and underwriters need new debt structures to meet continuing demand, industry experts said yesterday.

"To borrow an appropriate term from the military, shock and awe is what we're experiencing in the credit market right now," Lehman Brothers senior vice president Chris Moriarty told an audience of industry executives at The Bond Buyer's Military Housing Privatization Conference here.

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