When ‘bad’ assets aren’t bad – Caveat Lector column

Something rotten’s going on. ‘Bad’ assets shouldn’t linger like a bad smell; they should be picked up by careful dealers with a nose for a winner, just like in the good old days

Bargain hunt: Careful credit investors can find a good deal

“There is no such thing as a bad asset, just a wrong price for it.” Such a statement is easy to say but is far more difficult to prove in practice. However, again and again investors are faced with trying to dispose of unusual assets and again and again they are met with dealers sucking their teeth and scratching the back of their heads.

Every bull market eventually brings with it the last scrapings of the barrel and this current – but now fading – run in corporate credit (in the aftermath of the