“The best period for buying distressed debt in our careers was 12 to 18 months ago,” declared Apollo Management’s Leon Black in February this year. “Now there are opportunities for restructurings on a selective basis but it is not as easy as it was a year ago.” This view is supported by the drop in the S&P/LCD rate of default figures, which have seen the default rate for large US corporates slump from a peak of 11% in the fourth quarter of 2009 to 3.75%
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