Chetan Bhandari has a simple test for determining whether to purchase a retailer’s syndicated loan, either for collateralized loan obligation or any other investment vehicle. 

“Would anyone miss this company if it went away?” said Bhandari, the managing director of Lazard Freres & Co., and until January a senior vice president and treasurer for Toys R US. “If the answer is no, then it’s a bad investment.

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