audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Who was it warning about the state of the high yield debt market? This is rather ominous:
Junk Fund's Demise Fuels Concern Over Bond Rout - WSJ
A scary echo of 2008. Let's hope the repercussions are limited.
Moderators - the title could be shortened to say "Third Avenue HY Bond Fund Suspends Redemptions" or something like that.
Junk Fund's Demise Fuels Concern Over Bond Rout - WSJ
A firm founded by legendary vulture investor Martin Whitman is barring investor withdrawals while it liquidates its high-yield bond fund, an unusual move that highlights the severity of the monthslong junk-bond plunge that has swept Wall Street.
The decision by Third Avenue Management LLC means investors in the $789 million Third Avenue Focused Credit Fund may not receive all their money back for months, if not more.
Third Avenue said poor bond-market trading conditions made it almost impossible to raise sufficient cash to meet redemption demands from investors without resorting to fire sales of assets.
Securities attorneys said Third Avenue’s decision to wind down the mutual fund without giving investors all their cash back could have significant repercussions for both the company and the mutual-fund industry, which for decades has thrived by promising to allow investors to take a long-term view of the markets while retaining the right to cash out shares at any time.
A scary echo of 2008. Let's hope the repercussions are limited.
Moderators - the title could be shortened to say "Third Avenue HY Bond Fund Suspends Redemptions" or something like that.
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