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
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With $1 Trillion of Distress Gone, Debt Pickers Fight for Scraps
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Beef exports to China continued to reach new heights in November, up 700% from a year ago
U.S. beef exports posted one of the best months on record in November, according to data released by the U.S. Department of Agriculture and compiled by the U.S. Meat Export Federation. November was also a strong month for pork exports, which already surpassed the full-year volume and value records set in 2019. Demand for U.S. beef in the global retail sector has been outstanding, and we expect this to continue in 2021, said USMEF President and Chief Executive Officer Dan Halstrom. Unfortunately, foodservice continues to face COVID-related challenges. We expect a broader foodservice recovery this year, especially from mid-2021, but will likely still see interruptions in some markets. For U.S. pork, it s great to set new records with an entire month to spare, but especially gratifying to see a diverse range of markets contributing to U.S. export growth. USMEF still expects strong pork d