Capabilities

Cross-Asset

Cowen works closely with our customers to identify investment opportunities across the capital structure.

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

Our team of professionals delivers sales and trading capabilities across a wide range of fixed income asset classes,  as well as public and private corporate securities.

  • High Yield, Distressed, Investment Grade and Convertible Bonds
  • Leveraged Loans
  • Emerging Market Debt
  • Bankruptcy Claims
  • Private Placements
  • Litigation Plays
  • Asset-Backed Securities
  • SPACs
  • Post-Reorg Equities
  • Esoteric Assets

 

 

Special Situations

The Special Situations team primarily focuses on providing alpha-generating ideas such as pairs, swap and arbitrage trades, and the subsequent liquidity necessary to execute them.

  • Post-Reorg Equities
  • Rights Offerings
  • Recapitalizations
  • Spinoffs
  • SPACs
  • Privates
  • Other Event-Driven Situations

Team

High Yield Bonds

Focused on illiquid Corporate Bonds with a deep bench of seasoned professionals developing new ideas along with multiple desk-analysts.

Broad Distribution – Our active trading clients include a diverse group including Insurance Companies, Mutual Funds, Hedge Funds and Family Office Managers.

Security Agnostic – We help clients express investment views via Domestic, International, Public, Private, Listed, OTC, Physical, Complicated Settlements and Participation transactions.

Contact

Loans

Extensive platform for Par and Distressed Trading for leveraged loans across all sectors for institutional, first & second lien term loans.

Diverse Client base includes Hedge Funds, CLOs, Insurance Companies, BDC’s, Loan Mutual Funds and Banks.

Leveraged Lending, Structuring & Debt Capital Markets capabilities.

 

 

Credit Research and Desk Strategy focused approach to trading, value added for sellers and buyers.  Leverage off of market leading equity research platform.

Cowen team has participated in hundreds of credit restructurings, gaining vital experience for helping accounts manage and trade restructured illiquid equities.

Convertibles

In the twelve months ended 12/31/18 Cowen was active book manager for 4 new convertibles issues, helping raise  more than $1 bn in capital

Cowen Research covers more than 100 Convertible related equities

The Cross-Asset Desk makes active Convertible markets and is a valuable source of information as well as liquidity for all investment needs

Convertible bonds are a lower volatility equity substitute with participation to the upside and  convexity or bond floor to the downside

Special Assets

The Special Assets team’s primary function is to assist clients in monetizing illiquid assets. Our group has a deep track record identifying, analyzing, valuing, sourcing, negotiating and documenting opportunities in special situations. Our extensive experience consistently provides innovative and strategic solutions to unlock value for our clients.

  • Bankruptcy Claims
  • Accounts Receivable Purchases
  • Class Action Litigation Claims
  • Derivative Contracts
  • Judgments
  • Liquidating Entity Claims Including Bank & Insurance entities
  • Litigation Claims
  • Litigation Finance
  • Private Notes, Financings & Other
  • Corporate Obligations
  • Vendor Insurance

Team

Structured Investments Group

The Structured Investments Group provides structured financing solutions and capital for businesses and assets.

  • Wide breadth of customized capital solutions leveraging Cowen’s corporate finance, structuring, industry and distribution capabilities
  • Operates across the capital structure: Senior Financing, Mezzanine / Preferred Equity and Structured Equity in connection with growth capital, refinancing, acquisition financing, restructuring, shareholder liquidity needs, bankruptcy and other special situations
  • Industry, geography and asset class agnostic: We have extensive global experience across a wide variety of asset classes
  • Proven ability to provide capital solutions through placement with Cowen’s clients and utilization of Cowen’s balance sheet

Sample transactions include the following:

  • Borrowing base facility
  • Receivable financing
  • Warehouse facility
  • Litigation financing
  • Performing / non-performing loans and credit card portfolios
  • Small balance commercial credit
  • Equipment leasing
  • Sale-leaseback and real estate backed financing
  • Project and construction financing
  • Bridge financing
  • Specialty insurance / reinsurance
  • Joint venture
  • Tax liens

 

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

Research

The Cross-Asset 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

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.