On April 30, 1990, the Securities and Exchange Commission implemented Rule 144A, which it viewed as “the first step toward achieving a more liquid and efficient institutional resale market for unregistered securities.”1 The rule enabled less-than-investment grade companies to issue, without prior SEC review, both straight and convertible debt as well as preferred stock. All the parties involved in the markets — investors, underwriters, issuers and regulators — ...

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