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Alternative Market Briefing

European corporate credit, distressed, securitization offer hedge funds exciting opportunities

Monday, July 21, 2014

Komfie Manalo, Opalesque Asia:

The European corporate credit space offers "many very exciting opportunities at the moment as a result of the the disintermediation of the credit markets which is happening, however at a very slow pace", said Fabrice Dumonteil, founder and CEO at alternative asset management firm Eiffel Investment Group at the recent Opalesque France Roundtable.

The Opalesque 2014 France Roundtable was sponsored by Lyxor and Eurex and took place at the Paris office of Lyxor.

He told participants at the Roundtable, "At the moment about 70% of the credit to the economy is done via banks versus maybe 80% a few years ago, compared to 30% in the U.S. That shows we have still a very long way to go, and this provides both vanilla and more complex opportunities."

Dumonteil explained that vanilla opportunities include the increasing number of new companies coming to the high yield market for "strategic issuances" at attractive yields. He went on to say that 2013 was a record year in European high yield issuance, and while it is still only fraction of what is done in the U.S., the segment shows a healthy growth. Many of these new companies are under-researched, and that is where his fi......................

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