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For distressed debt buyers, it could be the calm before the storm. Some deals are floating about with investors pricing them as a sort of reconnaissance exercise to determine the bid/ask levels.
The first wave to hit was leveraged lenders, but most expect a sharp increase in deal flow by the 3rd or 4th quarter once participants on both the buy and sell side have more transparency on how the Covid-19 issue will play out.
Joining the podcast to discuss the approaching NPL opportunity is David LeBlanc, Managing Director at DebtX. David covers banks, investment banks, opportunity funds, hedge funds and other institutional investors active in the secondary market. David previously ran DebtX's trading desk for 10 years, including during the great financial crisis. He has traded over $30B in distressed and performing commercial and residential real estate and corporate debt in the secondary market.