In episode 76, Alex Proimos speaks with Steven Gendal, senior portfolio manager and head of distressed credit at CIFC.
In this episode, we cover that the state of the distressed credit markets, in particular how does the pandemic-induced recession playing out for 2021. We discuss whether the distressed companies and sectors have all emerged by now, whether the opportunity set is differentiated by company size and whether we can rely on historical default and recovery rates when looking at distress today. We also touch on the lead and deployment times for investing in distressed and whether investors missed the biggest distress opportunity back in April 2020. Finally, we wrap out the conversation talking about how running an investment platform of structured credit / CLOs provide insight on actionable distressed opportunities.