Has anyone heard of a investment/ trading strategy called a pretzel? Perhaps having to do with private placements, the 144A market or ABS/MBS securities. I cannot find anything on it, though my boss thinks he heard this term in a recent conversation and asked me to find anything on it, which I cannot. Maybe it is an acronym like PRTZL, but I have still come up empty. Any help is greatly appreciated though my feeling is that what he heard was just a figure of speech.