As the U.S. and allies tighten sanctions on Russia and choke off investor demand for its assets, parts of Wall Street are jumping on the buying opportunity that it's creating.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been purchasing beaten-down company bonds tied to Russia in recent days, as hedge funds that specialize in buying cheap credit look to load up on the assets, according to people with knowledge of the private transactions.
Banks routinely scoop up debt because clients asked them to, or because they expect to find ready buyers. Finding ways to wager on distressed securities is standard fare on Wall Street.
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