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The Insight: Conversations – Fighting the Fed with Armen Panossian, Danielle Poli, and Megan Messina
The Memo by Howard Marks
The Value of CLL Arbitrage
The CLL market often refers to the CLL arbitrage. So I'd like you to just explain what that is and also how it's been affected by this massive change in interest rates. When we look back in history at CLLs, there was an arbitrage opportunity for the cash flow. You were investing in a portfolio of loans, typically a par, and you were financing those loans.
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