Muzinich's Muller: The opportunities in 'dislocated' high yield
Last year a mini-tornado blew through energy markets as oil prices tumbled. This swept up many firms at the heart of the US fracking boom that had grown through high yield debt. The wider high yield market took a fair bit of collateral damage.
At the end of January 2016, we thought valuations looked attractive. We could see little evidence of deteriorating fundamentals or any developing systemic crisis to justify such historic spreads. High...
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