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Car-rental giant Hertz filed for bankruptcy protection on Friday evening after it was unable to reach an agreement with its biggest lenders, adding to a wave of bankruptcy filings in recent weeks as companies struggle with an unprecedented hit from the coronavirus pandemic.
Distressed-credit trading at Wall Street banks had been a small, quiet corner of the market over the past decade. But as the economic fallout spreads, more opportunities and flow are likely to come the way of the desks that make markets in bonds and loans trading at discounted prices, bankruptcy claims, litigation events, and other more complex and special situations.
Alex Morrell and Dakin Campbell spoke with nearly a dozen industry insiders — buy-side traders and portfolio managers, current and former sell-side credit execs, and headhunters and consultants — to map out Wall Street’s most powerful and noteworthy distressed-debt traders.
Read the full story here:
Meet 11 Wall Street stars trading …read more
Source:: Businessinsider – Finance