虽然舞台投资者仍在病人about putting money to work, Dan Zwirn, chief executive officer and chief investment officer, says the firm is weighing opportunities in several areas of credit.
据ZWIRN称，竞技场正在寻求从私人信贷公司的私人信贷公司购买遗产投资，投资敞篷证券，并与企业家拥有的小企业，小商业地产和次级消费者信用次数从政府大不足道的情况下。他说，政府拯救经济的非凡的财政和货币举动，允许公司掩盖其资产负债表的真正国家，并将其财务痛苦的现实推向未来。
但首席执行官辩称，他不留在边线，因为即使以巨大的流动性被融入市场，仍有许多斗争的公司需要融资。他希望候选人池会随着时间的推移而自然地增加，特别是一旦政府支持开始下降。
在7月的信中发送给竞技场的客户，为特殊情况提供资本，Zwirn写道，“数据看起来很糟糕，并且在许多情况下都与定价不一致，但由于图片相当严峻，但金额继续寻找收益率。那么为什么不坐在我们手中？因为“有”名单不断增长。“
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直到Covid-19大流行，竞技场在很大程度上避免了公司私人信贷，因为缺乏对投资者，高杠杆率和经常涉及初级债务的交易的担忧。然而，现在，许多赞助商和业务发展公司在多年来的投资遇到了困难。竞技场正在购买折扣，更好地融资贷款，并提供债务人融资融资。
尽管如此，在Covid与政府救助和刺激加上的Covid之前很久就存在的信贷狂热使Zwirn对该行业的健康持怀疑态度。“你看到各种修正，延伸和假装策略。市场只是在财政和货币当局的侵犯，无论是在手机面试中ZWIRN表示，他们是否说疫苗即将到来或这里是“非Covid调整的EBITDA”，“ZWIRN说。“他们都只是想假装明天将是一个美好的一天，但我们满足于遇到的现实，”他补充道。
在他的来信中，Zwirn解释说，“在杠杆贷款和中间市场的信贷中，我们看到贷款人被股权发起人胁迫，希望他们的情况在他们必须估计重新承诺之前可以改善，而信用投资者正在假设股票风险（他们是在临时没有收到赔偿。“
竞技场也在投资公共和私人谈判的敞篷车。即使在股票价格上涨时，像游轮这样的陷入困境的公司已经看到了他们的抵押品跌倒的价值。他们已经利用股权集会来筹集许多需要的新资本。
“We express these opportunities (including opportunities in other types of corporate securities) in several ways – through new issuance of convertibles (the cruise line example, where we can buy the convert and short the stock),” he wrote, and “in designing hedged positions at small premiums that expose us to being ‘long volatility’ as bonds and equity prices are skyrocketing in areas where there are very high chances of negative events.”
The low-risk opportunities have been rare until recently. “These types of ‘heads or tails we win’ exposures that require relatively little capital have not been available in large size for a long time. But the market will take what it can get,” he said. Convertible bond issuance, which is at the highest level since 2007, is likely to double by the end of the year, according to his letter.
Even as many alternative credit shops were putting billions to work in March, April and May of this year, Arena has been taking it slower. Now it’s deploying more capital. Still, the firm is being even pickier than it was in 2019. According to a footnote in the letter, about 5.6 percent of situations made it through the firm’s “Darwinian funnel” to become funded in 2019. This year through mid-July, that percentage has dropped to about 2.1 percent.
“讽刺地，我们已经看到了债权人的一些最仁慈的行为。他们创造了一个毫无意义的假舒适程度。分配者和其他LPS不知道该怎么想，“Zwirn告诉亚博赞助欧冠。“他们看到了严峻的东西，但他们也看到他们的股权的价值几乎都回来了。现实是这种东西会通过市场研磨，而且它总是比人们想象的要长。“