Issuers: Credit-arbitrage vehicles
Amount: more than $ 8 billion in 1997
For a niche of the market that contains only three genuine participants, credit-arbitrage vehicles provide plenty of intrigue and acrimony. They also provide a hefty volume of deals: last year over $8 billion worth of Euro-MTNs. In September, the life of the first such vehicle, Alpha Finance Corporation, will come to an end. In the decade since its launch many have tried and failed to duplicate its success.
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