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New CLO Buyers Set Up Clash of Titans

Fidelity Investments has entered the market, JPMorgan Chase & Co. is back from a brief absence and others including Pacific Investment Management Co. have boosted purchases in recent months, according to people familiar with the matter. Add in the fact that Japanese mega-buyer Norinchukin Bank is returning after a dramatic second quarter pullback, and industry veterans see a battle brewing for the top-rated CLO tranches.
-- Lisa Lee, Bloomberg