Wait long enough and anything comes back into fashion. Even flares. Now it’s high-yield cash collateralized bonds, or CDOs.
No-one launches deals like that any more ? they weren’t all bad, but some investors got burnt buying black-box structures loaded with too few names and too much exposure to such credits as WorldCom.
But the old ones still exist, and they’re selling fast in the secondary market, although the buyers aren’t the same as they used to be.
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