Capabilities

Cross-Asset

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

Our team of 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.

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 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

Structured Investments Group

The Structured Investments Group provides structured financing solutions for middle-market businesses and assets.

  • Industry Agnostic:   All sectors and asset classes
  • Across the capital structure:  Senior financing, mezz/pref, structured equity
  • In connection with growth capital, refinancing, acquisition financing, restructuring, bankruptcy and other special situations
  • Proven ability to place with Cowen’s clients and to utilize Cowen’s own balance sheet

Originates, places and invests in bespoke assets and portfolios, including bankruptcy claims, litigation plays, asset backed securities and other non-cusip, esoteric assets

  • Across asset classes and geographies

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

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.