2010 is in the record books. Last year, in a post entitled "2009 - What a Year for Distressed Debt!" I wrote:
"2009 was such a great year for distressed debt and debt investing, but the math alone makes it hard to justify another return like this. Here's to hoping its one-half, or even a quarter, or even a tenth of 2009's return..."
- Long structured credit: Whether it be BB CLO liabilities, MAV notes, the 0-3% loss piece of synthetic structures (thank you mortgage insurers!), or subordinated tranches of CMBS, long distressed structured credit was a huge winner in 2010.
- Grabbing your sack and buying post re-org equities in the summer: So many trades to name here but the ones that really jump out at you (and seemingly many people were long): LYB, LEA, CIT, SOA, SIX, Delphi (traded privately off the distressed desks), etc.