KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Jimmy Levin, Chief Investment Officer of Sculptor Capital Management, describes the rise of "creditor-on-creditor violence" in debt restructuring as a natural part of the capitalist system. He views the provision of fresh capital to companies restructuring their debt as one of the best opportunities in the corporate credit market over the past few years. Key Takeaways: Restructuring as an Opportunity : Levin emphasizes that liability management exercises, where companies secure new financing that prioritizes new creditors over existing ones, have become more prevalent in the last decade. He sees this trend as a manifestation of capitalism, with credit investors needing to anticipate and navigate these situations effectively to avoid losses and capitalize on opportunities. Growing Trend of Creditor Conflicts : The increase in debt restructuring maneuvers often pits different groups of creditors against each other, creating situations Levin terms "creditor-on-creditor viol...