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New York-based Blue Mountain’s Credit Alternatives fund has scored some notable successes shorting the market using credit default swaps (CDSs) – notably the credits of companies it believes are targets for leveraged buy-outs. And now it is expanding its trades into the European credit markets; an effort spearheaded by a new London team.

Last month, Blue Mountain profited from a short position on Temple Inland, a Texas-based paper products company (see chart). Géry Sampéré, head of credit

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