This huge investor is preparing for a 'bonfire of distress'

Oaktree Capital Group, the world’s largest distressed-debt investor, is eagerly anticipating the chance to snap up bonds of companies nearing bankruptcy. "In the distressed debt group, we talk about building an inventory of low-quality debt as a growing pile of kindling, preparing for a bonfire of distress once economic weakness ignites it," Armen Panossian, managing director and co-portfolio manager at Oaktree, said in a recent report. The firm has raised $3.2 billion