Barclays takes Protium pill

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UK banking group Barclays last month restructured $12.3 billion of credit assets by effectively converting its holdings into a loan to a buyer of the assets, a move it claims will remove mark-to-market risk and generate more stable returns for the bank.

On September 16, Barclays sold the assets – originally held by its investment banking arm Barclays Capital – to Protium Finance, a newly established fund domiciled in the Cayman Islands. Protium financed the purchase through $450 million of its o

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