DoubleLine Capital [see profile] and Pacific Investment Management Co. [see profile] are reportedly bidding against blue-chip hedge funds, including Paulson & Co., on a large bond portfolio held by American International Group Inc. that is now in the hands of the Federal Reserve, Dow Jones Newswires reports.

AIG has also reportedly offered to buy the portfolio for $15.7 billion. Other hedge funds in the mix include Avenue Capital Group and Oaktree Capital Management. BlackRock Inc. [see profile], which is serving as a consultant to the Fed on a sales process for the bonds, may also bid as well. 

Edited by: Hung Tran


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