Secondary distressed investors spy new angles

Still waiting for market prices to head in the direction they desire -- that is, downwards -- distressed-asset investors enlightened the audience at the AsianInvestorFinanceAsia Distressed and Troubled Asset Investing Summit being held in Tokyo, in a panel moderated by Pacific Harbor chief executive Warren Allderige.

The high-yield sector globally has certainly grown to a substantial size, with the leveraged-loan and high-yield markets estimated at $1.5 trillion and $1 trillion respectively. Compared to the situation during the Asian crisis 10 years ago, the space looks crowded. There's now a pocket of risk capital that didn't exist before, says Tod Macri, a managing director in Deutsche Bank's...