Insights

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Recent Insights

July 2015

Looking Forward

When I write these letters, I attempt to articulate our current view of the markets clearly and succinctly. To keep these letters as topical as possible, I often begin to draft them 45 days in advance so the information contained within is as...

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March 2014

The European Market and the Deleveraging Opportunity

Since Sankaty’s inception in 1998, we have spent a considerable amount of time investing in Europe. Given the complexity and uncertainty of the situation, we thought it might be helpful for us to summarize our observations culled from years of...

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February 2014

Notes from the Field by Jonathan Lavine

Stuart Davies and I joined our European team for a week of discussions with key players in the restructuring space across Europe, which I will for the first time go as far as to characterize as in the early phases of a true healing process....

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June 2013

Mortgage Backed Securities

Over the last decade, the U.S. housing and mortgage markets have weathered an unprecedented boom and bust cycle. We believe that the effects of this cycle are evident today in RMBS prices that underestimate a nascent housing recovery, a...

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May 2013

Middle Market Overview

We view the middle market as having three distinct segments, defined by a company's ownership type, prospects, and access to capital. We define the core middle market as companies with $10 to $75 million of EBITDA and this is the segment where we...

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December 2012

CLO Partners: Frequently Asked Questions

Collateralized Loan Obligations (CLOs) invest in a pool of broadly syndicated senior secured loans, covering a wide range of issuers and industries. The portfolio of loans is selected and managed by a collateral manager, who can actively buy and...

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December 2012

Leveraged Loans: A Primer

In today’s market environment of low rates and slow growth, we believe that leveraged loans offer a unique diversification option for fixed income portfolios due to their imbedded rate hedge and senior status in their issuers’ capital structures...

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May 2012

Learning Series: Examining ETFs

Credit investors are increasingly focused on high yield exchange traded funds (“ETFs”) given their continued growth. While these ETFs currently account for only approximately 3% of the high yield market, nearly 40% of year-to-date inflows to high...

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January 2012

The European Distressed Opportunity

Distressed situations in Europe have become increasingly compelling and the opportunity for distressed investors to deploy capital in Europe will continue to grow over the next several years. The primary catalysts of this opportunity are...

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January 2012

High-Income Credit Portfolio Management

High-yield credit represents an important middle ground in the corporate investment universe. While the high-yield market has evolved significantly since the days of Drexel Burnham Lambert, its reputation as a risky, illiquid market still lingers...

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