While 2021 is fast approaching the finish line as a solid year for investors across most asset classes, distressed players generally expect slim pickings in 2022. But there are already pockets of opportunity for them to put money to work, and a lot can happen next year to expand those pockets.
While the COVID-19 pandemic outbreak year of 2020 was notable for a remarkably rapid fall and recovery of both debt and equity markets, 2021 offered far less drama. Though it seemed all year as if asset prices just went up and high-yield option-adjusted spreads just came in, in reality, there were plenty of bumps along the way. In the end, 2021 was marked by records and near-records in a wide swath of investing categories, including historic highs in equity market indices and near-record tights in high-yield spreads.
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