Distressed debt expert sees opportunities from global recession

The head of special situations at Alcentra says distressed debt investors should head for Europe if the global economy slumps again.

Damien Miller, Alcentra

The possibility of a double-dip recession has been discounted far too readily by the broader financial markets, according to Damien Miller, who heads BNY Mellon Asset Management’s specialist high yield unit, Alcentra. Bearish when it comes to the state of the global economy, Miller fears a second wave of the recession could strike in either the fourth quarter this year or the first quarter in 2011.

“The stimulus that has been put into the system is looking long in the tooth. Unless final demand