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by Tyler Durden People aren’t investing, they’re just chasing. That is the ominous, ponzi-like warning from Adam Cohen, Caspian Capital’s managing partner as the distressed debt investor has chosen to return some money to investors because the rewards don t justify the high risks anymore. He is not wrong as it s party time for zombie companies everywhere as high yield is now officially low yield. As a result of the unprecedented (Fed-sponsored) demand for junk, a majority of new issues, even those rated in the riskiest CCC tier of junk, have been hugely oversubscribed. So much so, in fact, that according to Credit Suisse, this year has witnessed a remarkable rally in lower quality HY paper with the triple hooks , i.e., the ....
With $1 Trillion of Distress Gone, Funds Find Scraps Bloomberg 11 mins ago Katia Porzecanski and Katherine Doherty (Bloomberg) For investment firms that profit by buying the debt of troubled companies, it looked like the opportunity of a lifetime: a $1 trillion pile of distressed bonds and loans in the Americas alone as the pandemic sent markets into meltdown last March. Popular Searches But after a massive federal bailout and rock-bottom interest rates kept even some of the shakiest companies afloat, those juicy targets have shriveled to less than $100 billion. That’s left distressed-debt specialists who at one point last year had $131 billion to spend rummaging for increasingly elusive bargains. Even the real estate sector, which was hammered after the pandemic shuttered offices, hotels and stores, has managed for now to avoid an epic wipeout. ....
With $1 Trillion of Distress Gone, Debt Pickers Find Scraps Distressed debt specialists who at one point last year had $131 billion to spend are rummaging for increasingly elusive bargains. Bloomberg | Apr 06, 2021 (Bloomberg) For investment firms that profit by buying the debt of troubled companies, it looked like the opportunity of a lifetime: a $1 trillion pile of distressed bonds and loans in the Americas alone as the pandemic sent markets into meltdown last March. But after a massive federal bailout and rock-bottom interest rates kept even some of the shakiest companies afloat, those juicy targets have shriveled to less than $100 billion. That’s left distressed-debt specialists who at one point last year had $131 billion to spend rummaging for increasingly elusive bargains. Even the real estate sector, which was hammered after the pandemic shuttered offices, hotels and stores, has managed for now to avoid an epic wipeout. ....
With US$1 trillion of distress gone, debt pickers find scraps bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
With $1 Trillion of Distress Gone, Debt Pickers Fight for Scraps msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.