j*****h
发帖数: 3292 | 1 【 以下文字转载自 Chinook 俱乐部 】
发信人: jackahh (RockMyLife), 信区: Chinook
标 题: Pick SVU, How to play
发信站: BBS 未名空间站 (Mon Feb 6 20:39:24 2012, 美东)
先看下面一段话， 然后请大牛们发言讨论SVU
Distressed debt arbitrage (or distressed arbitrage) involves purchasing the
traded bonds of bankrupt companies and selling the common equity short. The
hedge fund manager attempts to buy the debt at steep discounts. If the
companys prospects worsen, the value of the companys debt and equity should
decline, but the hedge fund manager hopes that the equity, in which the fund
has a short position, will decline to a greater degree. Indeed, as a
residual claim, the value of equity may be wiped out. If the companys
prospects improve, the portfolio manager hopes that debt will appreciate at
a higher rate than the equity because the initial benefits to a credit
improvement accrue to bonds as the senior claim. Typically, the company will
have already suspended any dividends, but debtholders will receive accrued
interest. This approach has been popular with hedge funds. |
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