Highland Capital plans gradual portfolio shift to distressed debt
The $24 billion alternative fixed-income manager sees beleaguered companies losing their window to refinance; but CIO Mark Okada says bearishness on the euro is overdone.
The troubles in the eurozone, unpredictable changes to financial regulation in the West and a withering of investors' risk appetite may be creating a "robust distressed opportunity", says Mark Okada, chief investment officer and co-founder of Dallas-based Highland Capital Management.
The firm manages $24 billion of fixed-income securities and is one of the biggest managers of below-investment-grade credit in the US, notably collateralised loan obligations.
Currently senior secured loa…
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