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Alternative Market Briefing

New credit hedge fund to seize distressed opportunity in US small and mid-caps
Monday, November 30, 2015

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Jed Nussbaum Benedicte Gravrand, Opalesque Geneva for New Managers:

The distressed debt market, a predilection for private equity firms and hedge funds, is showing signs of profit going forward.

This year, however, has not been great, as six years of easy-money central-bank policies have kept over-leveraged companies afloat and given limited opportunities for traders. "Most distressed situations have not worked out in 2015," David Tawil, president of distressed hedge fund Maglan Capital, told Bloomberg. "It wasn’t just energy. It was anything with loads of leveraged debt on it."

According to eVestment, distressed hedge funds are down 5% YTD (to Oct.) Many distressed debt hedge funds, which had done well till 2013, jumped in oil-related industry bonds too early and suffered from the bonds’ later collapse, said Bloomberg.

The default rate is at a historic low for US corporates. And Moody's default rate forecasting model predicts that the global default rate will end 2015 at 2.7% - well below the histo......................

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