New York-based institutional brokerage Dinosaur Financial Group has expanded in the area of credit, offering support to clients active in overall credit markets with a focus on convertibles, distressed and special situations.
Stephen Puckowitz was hired to serve as managing director, credit strategies, and joins the firm with senior level experience in the space including roles at Stifel Nicolaus & Co. as managing director and head of convertible strategy/credit; Admiral Capital as director of research and senior credit portfolio manager; and Morgan Stanley as executive director and head convertible analyst, convertible bonds.
“As an experienced capital markets executive skilled in restructuring, credit strategies and portfolio management, Stephen Puckowitz (“Steve”) will offer a valuable addition to our team,” commented Dinosaur Executive Vice President Javier Perez-Santalla.
Puckowitz will focus on convertibles, distressed and special situations and supporting clients in trading and risk management.
For Dinosaur, the new hire reflects the firm’s expansion of fixed income capabilities across credit markets with a particular focus on distressed and emerging markets.
Officials said that distressed debt encompasses instruments trading at least 1,000 basis points over Treasuries. The team at Dinosaur views the trading opportunity set expanding due to macro trends and reduced coverage of this space by bulge bracket firms.
The expectation is for the current economic slowdown leading to reduced demand will drive reduction of corporate credit quality with downgrades across the ratings spectrum, leading to more distressed debt.
Last month, Dinosaur also make a key hire in to support its services in the commodities sector. Luis Rangel, a seasoned financial and commodities executive with more than two decades of experience, joined as managing director of commodities. In this newly created position, he focuses on physical commodity and derivative markets, supporting clients in merchant banking, trading, risk management and advisory services.
