What a year for distressed debt. By every metric known to the credit investing community, 2009 was a blockbuster year:
- CCC index up over 100%
- Year-to-date inflows of HY funds over $20B
- LSTA Leveraged Loan Index up 52%
- Pilgrims Pride Sub Notes: up 105 points to 111 (yes, you read that right)
- Spansion Senior Notes: up 101 points to 108
- Bon-Ton Senior Notes: up 80 points to 92
- Post-re org stocks, like Dana or Solutia, that were widely held by various distressed funds up 5-10x from their lows.