Best ideas for credit investing from Avenue, Brevan Howard, Canyon, GoldenTree
By Lawrence Delevingne
Thu May 3, 2012
Top managers decidedly bullish on debt at the Milken Institute Global Conference.
hosts a panel on credit investing
LOS ANGELES -- Top credit hedge fund managers featured
prominently at the Milken Institute Global Conference in Los
Angeles this year, presenting a rosy assessment of the
investment environment for debt. After all, event namesake
Michael Milken was known as the "junk bond king" while running
Drexel Burnham Lambert-before being banned from the securities
industry for life and reinventing himself as a public
intellectual and philanthropist.
David Warren, chief investment officer for the $2.1 billion
Brevan Howard Credit Catalysts fund, said there's now "an
extraordinary sweet spot" in high yield bonds. He said the risk
of default is still present, but most bonds do not mature for
several more years, lowering the chance of losses in the short
term. "We're talking about 6.5% to 7%...
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