Capabilities

Credit

Cowen works closely with our customers to identify investment opportunities across the capital structure. We provide value through deep-dive recovery value analysis and thematic cross-capital structure and relative value research and execution.

Cowen’s credit team specializes in distressed and special situations, focusing on event-driven and cross capital structure credit intensive situations.

Our team of credit professionals deliver sales and trading capabilities across a wide range of fixed income asset classes including high yield, distressed and investment grade bonds, convertible bonds, public and private corporate securities, leveraged loans and emerging market debt.

The special investments team focuses on bankruptcy claims, litigation plays and other non-cusip, esoteric assets.

Our emerging markets unit includes the sales and trading of global sovereign debt, non-US corporate debt and local currency debt.

Specialty aircraft leasing represents a niche opportunity to potentially generate uncorrelated returns, which is what we look for in these types of ventures.

Sales & Trading

The credit sales and trading team provides thoughtful, well-timed advice and counsel to clients across the capital structure. Our ideas may include thematic cross-capital structure, relative value ideas and recovery plays within the distressed universe.

We trade all fixed income assets, with a focus on more illiquid situations, from high yield, distressed and investment grade bonds and convertible bonds to public and private corporate securities and leveraged loans.

Team

Research

The credit research team is focused on cross capital, event driven and leveraged situations. In particular, the team provides insights on leveraged loans, bonds, converts, mandatory’s, preferred, warrants, reorganized equity and private placements.

As a research-centric platform, our senior analysts develop value-added ideas for clients looking for investment opportunities across the capital spectrum. Our analysts cover a broad range of industries, with investment thesis being formed across the capital structure for individual companies.

Team

Private Placements

Cowen is a leading trader of Reg D private placements as well as project finance bonds. In conjunction with our partners in capital markets, we also structure and distribute new issues in these asset classes.

With decades-long experience, our team has fostered many close relationships with institutions, such as life insurers, who are the primary investors in Reg D private placements.

Team

Special Investments

Cowen Special Investments (“CSI”), an unregulated merchant banking affiliate of Cowen, is an investor and dealer whose primary function is to assist clients in monetizing illiquid, difficult to value, uncorrelated, non-cusip, financial assets.

With a deep track record identifying, analyzing, valuing, sourcing, structuring, negotiating, and documenting opportunities in special situations, the CSI team provides innovative solutions in this unique, private asset class. CSI has successfully executed thousands of transactions representing billions in notional value through its cultivated network of (a) sellers seeking to raise and redeploy capital and (b) buyers seeking to invest in off-the-run, high return strategies.

CSI is geographically agnostic and has been active in North America, Europe, South America, Australia, Asia, and the Middle East. Past opportunities include claims, judgements, private notes and financings, loans, distressed secondaries, derivative contracts and other financial instruments in a variety of situations such as insolvencies, class actions, frauds and insurance liquidations. Past investments include, but are not limited to Nortel, Lehman, Madoff, American Airlines, Republic Airlines, Caesars, Kodak, Stanford, MF Global, Target Canada, Home Insurance, AirCargo, CDS and Visa/MasterCard, among many others.

Team

Emerging Markets

Cowen trades emerging markets fixed Income assets. We execute client-to-client trades that typically exceed normal market trading sizes or are in one-off less liquid issues. While we use capital to facilitate customer trades, we do not engage in proprietary risk taking.

Our institutional client base includes price setters for each emerging markets segment we participate in. Our clients include the largest dedicated emerging markets asset managers in the world.

Team

Aviation Finance

Cowen Aviation Finance is an independent aircraft leasing company that owns and provides operating leases towards special mission aircraft for governments, heads of state and other specialty customers worldwide.

The company owns a portfolio of special mission aircraft on lease to government users and is actively pursuing growth opportunities. Cowen Aviation Finance also has strategic relationships with servicing companies that provide modification and servicing capabilities.

Team

Leadership

Our sales and trading team has extraordinary depth of product knowledge and long-standing relationships on the Street.

Analysis and insights from our publishing research analysts enable our sales and trading professionals to be well versed in providing thoughtful, well-timed advice and counsel to clients across capital structure.

General Contact

Bryan Seyfried
Head of Credit
D 646 562 1739
bryan.seyfried@cowen.com