Japanese bank Norinchukin, which was the biggest buyer of debt used to fund private-equity buyouts, suffered a $3.7 billion hit and said it would stop investing in that market
The Japanese bank that was the biggest buyer of debt used to fund private-equity buyouts suffered a ¥400 billion hit and said it would stop investing in that market.
Norinchukin Bank owns about 10% of the $700 billion market for corporate debt that was packaged into securities called collateralized loan obligations. Other big buyers include Wells Fargo & Co. and JPMorgan Chase & Co., which each owned about $30 billion worth of CLOs at the end of the first quarter.
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