Our Global Credit Products Group is comprised of sales, trading, and capital markets professionals based in New York, Los Angeles, Boston, Chicago, Minneapolis and London. Prioritizing a research-driven, holistic review of a company’s capital structure makes Imperial Capital a global leader in bringing innovative cross-product ideas to the institutional investment community. Our goal is to provide our clients with both superior research as well as efficient execution capabilities to help them outperform their benchmarks. Our diverse offering of credit products includes:
FIXED INCOME/CORPORATE CREDIT
Our Credit Sales Force services clients across the credit spectrum: high yield; investment grade; levered loans; distressed and special situations. Our integrated platform has extensive experience trading these securities, both public and private, and excel where the terms and conditions of a given situation require special handling. Our Desk Analysis Group helps clients understand and profit from the complexity of financially distressed and/or Chapter 11 situations. This expertise allows us to provide valuable insights on situations involving litigation and liquidation claims, typically with companies undergoing a restructuring through the bankruptcy process. Our experienced desk analysts assess these situations and the issues involved in determining value. Our trading desk is widely recognized for its efficiency and quality execution in trading all of these instruments. We are proud to provide expertise across complex debt situations, in essence, delivering the entire firm to our clients.
Our seasoned sales, trading, and analytical professionals provide institutional investors with a variety of tools for assessing relative value within the hybrid/bank capital marketplace. Specifically, the Hybrid/Bank Capital Group has extensive experience within the subordinated levels of the capital structure, such as hybrids and preferred stock. Over the past three decades, our team has been involved in structuring, marketing, analyzing, and trading of these securities, as structural innovation and regulatory changes have caused this asset class to evolve over time. We believe that our historical knowledge and experience within this sector provides us with a unique ability to define value and provide liquidity for our clients in an ever-changing, regulatory environment. We cater to clients with extensive knowledge and experience trading hybrid securities, as well as new or potential investors that are considering this asset class for the first time. While we have experience in all investment grade sectors, we pride ourselves with an extensive global knowledge of financial institutions, and specialize not only in trading U.S.-dollar denominated securities, but in other currencies, especially euro (EUR) and sterling (GBP) denominated securities. In addition, we have created a differentiated analytical system known as the ELP Framework, which is available daily to our clients. This framework incorporates several defined factors to ultimately display our view on the performance potential of each hybrid security versus its peers. We currently compare over 1,000 hybrid securities actively on an individual basis, and we provide a report card at the end of each calendar month to show statistics of this framework’s ratings. We also provide a credit score (C) as part of our daily ELP score for each security, which highlights our comparative view on the current credit value of each individual company. Finally, we have created a pivot table that allows for easy definition and comparative analysis among the many types of hybrid structures that exist within the global markets. This tool is available to our clients and it is updated weekly.
CONVERTIBLE & BUSTED CONVERTIBLES
Imperial Capital is an active dealer in the convertible bond marketplace, with an emphasis in busted convertible bonds. In this arena, our Research Group can be of particular value by helping clients understand the credit dynamics of these securities. We publish the comprehensive Busted Convert Monitor, which is the only research publication we are aware of that is exclusively dedicated to this asset class. Our research, sales, and trading professionals work with many institutional clients, including those specializing in convertible arbitrage, high-yield/distressed, and special situations. Our clients include hedge funds, as well as mutual funds and private equity investors. We provide our clients with valuable market color, trading ideas and excellent execution in both the fixed income and equity markets.
Imperial Capital's Trade Claims Group provides creditors with solutions
to aid in the monetization of claims held against bankrupt or insolvent
entities. Our group has a vast array of experience sourcing, selling,
performing due diligence, and understanding settlement aspects of trade
claim transactions. Through our business in the U.S. and London (through
our affiliate Imperial Capital (International) LLP), we are able to provide
liquidity services to creditors worldwide utilizing all distribution
channels of the firm across our sales, trading, and investment banking
platforms. We provide timely and creative solutions to creditors to
maximize returns on claims ranging from $25,000 to over $1 billion,
including exposure arising from:
- General Unsecured Claims
- Lease Rejection Claims
- Insurance Liquidation Claims
- Fraud and Ponzi Scheme Claims
- Reorganized Securities Distributed to Creditors
ESOTERIC PRIVATE PLACEMENTS
The Esoteric Credit Trading Team specializes in the trading, pricing, distribution and research of illiquid, off-the-run credit products. These products include, but are not limited to, secured and unsecured private placements across the ratings spectrum, 144A’s, credit tenant leases, domestic and international project finance & infrastructure bonds, equipment trust certificates, military housing bonds, and illiquid product portfolio liquidations. These securities offer investors enhanced yields, covenant protection and increased diversification. But, they also require considerable legal, credit and back office resources in order to evaluate, negotiate and monitor. Our team of seasoned professionals has extensive experience marketing, analyzing, restructuring and trading these securities. Since this group focuses exclusively on off-the-run credit products, we are in constant contact with the institutional investment community and are able to provide valuable real-time market intelligence to our clients. We provide superior execution capability and extensive experience through our vast investor network and effective distribution structures.