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Wary of America's swelling federal budget gap and debt burden, the money manager is part of a wave of investment firms steering away from the longest-dated U.S. government bonds.
As it turns out, the plan was designed to buy time for the financial regulator Finma and the Swiss National Bank to secure a sale — not for Credit Suisse to rescue itself.
Bankruptcies reached levels not seen in a decade, distressed debt soared to almost $1 trillion and it may take years to repair the damage to airlines, restaurants and hotels. While 2020 may be over, the drama probably isn’t.
The breakdown, described by people with knowledge of the relationship, is among the many scuffles emerging on Wall Street as the coronavirus pandemic pits distressed companies and their owners against lenders.
Oak Hill Advisors has added a partner for its European credit business. The New York and London-based firm said Doug Henderson has joined the firm as a partner based in London. Henderson will head the firm’s European performing credit business and work to improve its distressed business. Henderson replaces Richard Munn, who resigned his full-time […]