Editor's letter

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Just as activity in the new-issue market is dwindling down to a crawl (it’s almost as if the hazy and humid weather that has finally gripped New York has taken its toll on the fixed-income market), ingenious corporate bond players have come up with a novel way to finance new securities: Death.

In April, the Legacy Benefits Corp, which focuses “solely on the buying of unwanted or unneeded life insurance policies”, according to the company’s website, sold $70 million of debt securitized by

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