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Avenue Capital raises $2 billion European sovereign debt fund, reports FT
Monday, January 23, 2012
The Financial Times reports that distressed debt specialist Avenue Capital has raised $2 billion for a fund that will focus on taking on European government debt. According to the article, it focus not on bonds but on other types of debt that governments owe to the private sector, such as trade debts owed by public health bodies to pharmaceutical companies.
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Structured
CFlux secondary
CLO index levels:
| Index | 14 May |
|
| CFlux USD AAA | ↑ | 96.0 |
| CFlux USD AA | ↑ |
87.7 |
| CFlux USD A | ↑ | 85.1 |
| CFlux USD BBB | ↓ | 77.2 |
| CFlux USD BB | ↑ |
75.9 |
| CFlux USD EQ | ↓ | 76.7 |
Sounds like a bold idea - will this fund be permitted by Eurozone policymakers to short sovereign CDS as a partial hedge?