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"Tis but a scratch." That's the famous line spoken by the Black Knight in Monty Python and the Holy Grail as he stands with one arm chopped off while facing off against King Arthur in the woods.
The business of debt-backed bonds is, of course, a world away from that of British surreal comedy, but - if you will allow me to make the comparison - collateralised loan obligations (CLOs) showed the...
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