Pimco launches long/short CDO

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Necessity has undoubtedly become the mother of invention in the structured credit markets over the past two years. As investors hunt for yield, demand for collateralised debt obligations (CDOs) has continued unabated. But persistent tightening in credit spreads and the resultant decline in attractive arbitrage opportunities have made deals increasingly difficult to structure. Arrangers of CDO transactions are responding with a raft of new transaction types, offering access to untapped asset

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