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Stressed Bond Market a Boon to Credit-Pickers

(Pension & Investments) A confluence of global trends has created a credit-picker’s market that has both portfolio managers and asset owners rubbing their hands together in anticipation.Dispersion in credit pricing has ratcheted up through mid-November, giving hedge fund and long-only managers a plentiful supply of down-and-out securities to be bought cheaply, sources said.

“Clearly, dispersion in credit markets has increased,” said Stephen Siderow, managing partner, co-founder and co-president of credit specialist hedge fund manager BlueMountain Capital Management LLP, New York.

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