He must have had better Monday mornings. Many investors in European high yield had a nasty shock on September 1 when Phones 4U, the UK mobile phone retailer and high-yield bond issuer collapsed.
But the investment manager responsible for City Financial’s Credit Opportunities Fund must have needed an extra shot of coffee, or something stronger. His fund held 4.7% of the entire portfolio in the Phones 4U Payment-in-kind (PIK) note that had been issued the previous September.
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