While some expert commentators express concern mezzanine debt is yet to face its real test, brokers such as Cantor Fitzgerald were writing reports on 10 March with titles such as "Look At That Mezz-Man Go!"
The brokers noted benign credit conditions in the US were "feeding an outsized appetite for Baa/BBB risk (and) mezzanine tranches in the structured market have outperformed." The brokers also noted that phones in general and AT&T in particular had outperformed amid the M&A-rich
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