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Alternative Market Briefing

Distressed debt investing to become mainstream says UBS
Friday, June 24, 2011

Benedicte Gravrand, Opalesque Geneva:

Opportunities are here now for distressed debt investors. Not just for hedge funds who want to buy, for example, munis backed by Yankee Stadium parking lots; but also for those who want to dip a toe in debt-distressed countries (such as Greece, Ireland, Portugal, Spain…)

Credit hedge fund firm CQS, which oversees $10.5bn, told BusinessWeek last month that it was buying more European distressed debt, and that it expected hedge funds and private-equity firms would chase similar investments as profit opportunities in the U.S. were lessening (see recent Opalesque Exclusive on CQS). The HFRX Distressed Securities Index was down -0.55% in May (+2.20% YTD).

This opinion is shared by Oaktree Capital Management LP, the biggest distressed-debt investor in the world (with $80bn in AuM), which said in March it planned to purchase more distressed assets in Europe as a price rally had decreased the return outlook for U.S. corporate debt. Having recently filed for an IPO, Oaktree has 17 distressed-......................

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