不良资产

不良资产是其所有者被迫出售以保持偿付能力的资产（即liquidityissue). This means that the owner of the assets, which could be a firm, business owner, or even just an individual, is in financial distress.

An owner in financial distress is likely to be in default or close to default. Some of the resolutions available to them in the United States are to file for Chapter 7 or 11 bankruptcy.

A Chapter 7 bankruptcy is an application to wind down the business or, in the event of an individual, sell all of the personal assets to pay down the debtors.

On the other hand, Chapter 11 bankruptcy is an application to restructure thedebtin an attempt to pay off the debts in the future. Filing for a Chapter 11 bankruptcy would suggest that the owner has enough illiquid assets and that there may be potential for the company/individual to undergo a successful restructuring.

When a person/company is in financial distress, there would be a deepvaluation他们的资产折扣。资产可以是财务和/或物理资产。物理资产包括房地产，业务部门，家具等……金融资产包括Corporate Bonds,普通和首选公平, Trade Claims, etc…

The deep valuation discount of these assets is due to the fact that ordinary buyers shy away from them as these assets are generally too risky for their risk appetite. The buyers with the risk appetite to purchase them will also look for extra returns to make up for the higher risk involved.

Examples of such assets would include the debts of the Chinese real estate firms in theEvergrande liquidity crisisor the US real estate assets during the巨大的金融危机. In the case of the credit crisis of the Chinese real estate firms, Shimao Group's note due 2024 was trading at 53.7 cents to the dollar on 15th December 2021, and Evergrande's note due 2022 was trading at 26 cents to the dollar on 27th December 2021.

Buyers of Distressed Assets

Buyers of these assets are generally the competitors of the distressed firms (for business units),对冲资金(HF)(distressed financial assets), Private Equity (PE),Banks和私人机构。

Reasons Hedge Funds choose to invest in distressed financial assets?

HFS可能出于多种原因投资不良金融资产。首先，他们可能会对这家陷入困境的公司有更好的信息，并对公司具有合理的信心，使其成为可行的企业。

其次，他们可能会投资于他们，因为如果遇难的企业从破产中脱颖而出，他们将获得可观的利润。

例如，HF可能会将其管理总额（AUM）的1％投资于一家受苦公司的公司债券上，该公司的债券的交易价格为20美分，达到了一美元。经过一年的HF投资，这家受灾的公司成功地重组了其业务，并且不再处于财务困境中。他们的公司债券现在以80美分的价格交易。HF决定以该价格出售其投资。

In this example, the HF netted a profit of 300% excluding transaction costs and added a投资回报(ROI) of 3% on their overall AUM. This is in spite of them only allocating 1% of their AUM to the investment.

Third, the hedge funds generally have the appetite and ability to take up the high risks associated with these assets and therefore can bag the high returns for doing so.

Among the assets, debt is most sought after as equity can be wiped out in the event of restructuring. This is because bondholders are higher in priority in the case of liquidation should the distressed firm file a Chapter 7 or Chapter 11 bankruptcy.

Avenues to purchase distressed financial assets

出于投资目的，有三种常见的方法可以购买不良金融资产。

购买不良金融资产的最常见方法是购买金融资产的通常方式，这是通过financial exchange.

购买不良金融资产的另一种方法是直接与公司联系，以扩大信贷额度。但是，这种方法通常是通过与HFS或投资银行合作进行的，以降低非系统性风险。

Further, there is an unorthodox way of purchasing distressed financial assets which may allow the investor to have access to preferential pricing. They may purchase newly distressed financial assets from mutual funds as those assets would not fit into the risk criteria applicable to them and hence would have to be offloaded.

As these may be large positions, mutual funds would consider selling to an investor at a good price if they are purchasing a sizable position so that the fund could offload it in a timely manner and reuse the proceeds of the transaction to other products. This happens only in very rare and exceptional circumstances such as when investment-grade bonds become junk bonds (i.e. fallen angels) or when junk bonds become distressed.

苦恼的投资和对散户投资者的影响的性质

Individual (retail) investors are unlikely to purchase these assets due to the complexity and inherent risk associated with distressed investing. This is mainly due to the information gap between the investors and the distressed firm about its ability to restructure and continue existing as an entity.

Value discovery is particularly difficult in distressed investing as the assets are unlikely to be evaluated by investment banks or research firms in detail, leading to outsiders only being able to gather limited information. This is due to the lack of widespread interest in the product which means that investment banks and other service providers have little to no incentive to conduct research on them to generate fee income from a customer base.

Further, insiders tend to only provide limited information to outsiders because there are rarely insiders with a vested interest that benefits from the increase in prices before or during a restructure. As a result, distressed investing favors firms with the manpower, skills, and infrastructure to investigate both the market and the assets which are likely to be the HFs and PE firms.

为了完整了解投资，投资者需要与管理层，股东和主要债权人会面，并审查财务信息并访问公司。得出完整图片时需要考虑的因素包括业务计划的实力，管理层在业务和公司中的历史以及可见现金流的存在。

这几乎是没有什么是散户投资者capable of and therefore the nature of distressed investing limits itself to sophisticated investors.

要深入了解机构投资者在2015年的陷入困境债务投资背后的考虑因素，请查看以下视频：

新兴市场不良资产

Over the last two decades, the growing markets of Asia, Eastern Europe, and Latin America have been a major source of these assets. This is because crises and defaults are an inevitable element of investing in emerging markets (EM). Corporate loans default, trade at a discount, and are restructured; sovereigns create bad economic situations, crash their economies, default on commercial debt, learn from their mistakes, and rebuild. Therefore, in such a scenario, it is attractive for firms chasingalphato invest in.

但是，在新兴市场上的投资提出了成熟经济体中不存在的各种风险。一些风险是内部政治，外交关系，宏观经济变量，currency valuation and convertibility stresses，税收和监管问题，交易和和解系统，monetary policy, and market liquidity. All of the risks influence investments in government and corporate debt.

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