M&A activity has slumped this year in part because of spiraling interest rates.
Deals are becoming more difficult to finalize and buyers and sellers are taking longer to come together, according to managers.
The debt sales are an oddity in the risk-averse market.
The purchases are part of a broader strategy at the firm to capitalize on depressed prices.
The scale of the problem will become clearer when banks release second-quarter earnings.
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