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When Cendant Corp. split into four separate companies last year, it created a thorny problem for the credit default swap market, where investors buy and sell protection on corporate debt. It also created a unique opportunity, which the treasury team at Avis Budget–one of Cendant’s legacy companies–spotted: “It would have been easy for someone to ignore this. I think we realized the opportunity because we took time to think about the potential risks and rewards,” says Avis CFO and Treasurer David Wyshner.

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