secondary-distressed-investors-spy-new-angles

Secondary distressed investors spy new angles

Nice guys can come second. Participants in the secondary market for distressed debt assess the environment.

Still waiting for market prices to head in the direction they desire -- that is, downwards -- distressed-asset investors enlightened the audience at the AsianInvestorFinanceAsia Distressed and Troubled Asset Investing Summit being held in Tokyo, in a panel moderated by Pacific Harbor chief executive Warren Allderige.

The high-yield sector globally has certainly grown to a substantial size, with the leveraged-loan and high-yield markets estimated at $1.5 trillion and $1 trillion respectively. Compared to the situation during the Asian crisis 10 years ago, the space looks crowded. There's now a pocket of risk capital that didn't exist before, says Tod Macri, a managing director in Deutsche Bank's...

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