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

Credit

The Credit team has broad experience across regions and market cycles, averaging 16+ years experience in Distressed and Stressed/Event Driven strategies. Our group partners with clients to generate unique investment opportunities in both private and public debt. We were the lead underwriter on 3 convert deals in 2018 and continue to see companies looking to take advantage of their stock valuation while locking in lower interest rates.

  • Distressed Bonds
  • High Yield Bonds
  • Convertible Bonds
  • Investment Grade Bonds

Contact

Loans

 

 

 

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

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, 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 place with Cowen’s clients and utilize Cowen’s own balance sheet to provide capital solutions

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
  • Junior capital
  • Bridge financing
  • Specialty insurance/reinsurance
  • Joint venture

 

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.