Liquidity in leveraged finance markets – Tim Leary
Sep 28, 2020
BlueBay Asset Management
Tim Leary joins us on the BlueBay Insights podcast to update on high yield and leveraged finance markets, with a special focus on the subject of liquidity.
We asked Tim:
- How does the global high-yield universe breakdown in terms of the US and European split? Are there any notable differences between the two regions that investors should be aware of?
- What percentage of the US HY market trades enough to be considered liquid?
- In terms of active versus passive investing – how significant is the ETF portion of the universe?
- As an active manager, how do you define liquidity?
- Did you learn anything from the coronavirus crisis period about best-practice liquidity management or anything that particularly surprised you as a seasoned investor?
- Could you give us a quick liquidity outlook for the asset class and some positioning highlights as we approach the final quarter of the year?