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Senior debt in the form of 7-to-9-year bank loans that are usually syndicated with several financial institutions (CDO and CLO funds and banks) accounts for an average of 50% to 60% of the total financing amount.
According to S&P's Leveraged Commentary & Data unit (LCD), CDO funds and hedge funds subscribed for 49% of primary market issues of leveraged loans in Europe for the 12 months to 30 September 2006, up from just 5% in 1999.
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