Debt 50c on the dollar - good luck finding any

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The chart below shows the turn of joint debt that trades at a price below 50 cents on the dollar. This is simply how JPMorgan defines "distressed debt". What's awesome is how obligation for immobile income product nearly eliminated this fruit in a matter of months. A year past over $200 MM of joint debt traded at discounts of 50% or more. Now there is almost none left.





Part of this life in credit stems from dropping choice rates:




It's a bit of a self-fulfilling prophecy. Demand for immobile income product provides opportunities for refinancing, generating liquidity, extending maturites, and reaction choice rates. Falling choice rates generate more interest in credit/fixed income. Of course this process can impact in alter as well.


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