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POWER PLAYERS OF DISTRESSED CREDIT: The 11 Wall Street stars trading busted bonds, bankruptcy claims, and other fire-sale securities

Posted On: Aug 4, 2020   |   Posted By: Business Insider

POWER PLAYERS OF DISTRESSED CREDIT: The 11 Wall Street stars trading busted bonds, bankruptcy claims, and other fire-sale securities

Distressed-credit trading at Wall Street banks has been a small, quiet corner of the market over the past decade.
But everything's changed in the last two months amid the worldwide tumult from the coronavirus pandemic.
Now, firms including J.Crew, JCPenney, Neiman Marcus, and Hertz have filed for bankruptcy, and massive funds like Oaktree and Pimco are raising billions to go bargain-shopping as corporations head toward fire-sales.
Wall Street's distressed-debt desks vary in approach - some stick to flow trading and making markets in bonds and loans trading at discounted prices, while others compete with hedge funds and make proprietary bets of their own.
But the top traders and analysts can reap huge paydays, and they're all poised to see a surge in activity as the cycle ramps up.
Visit Business Insider's homepage for more stories .
This story was originally published on May 16th.
Distressed-debt trading exists in the shadows of Wall Street, those increasingly rare corners of the world's largest securities...

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