In 2023, credit markets appeared to be on the verge of an “old-fashioned” distressed cycle due to higher base rates and elevated leverage. Leveraged loan defaults have risen since then, largely dominated by liability management exercises (LMEs). However, this has been far from uniform. There is significant dispersion in default rates, prices and recoveries across different parts of the corporate credit market.
In our white paper, we explore why this dynamic portends an extended distressed cycle with multiple overlapping waves and highlight the importance of selective credit underwriting in today’s environment.
Read the white paper here: The Tides of Credit: Opportunity in Dispersion — Davidson Kempner
DKCM Website: Home — Davidson Kempner
DKCM LinkedIn: LinkedIn — Davidson Kempner
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