
The Federal Reserve building in Washington, D.C.
(Andrew Harrer/Bloomberg)
The Federal Reserve building in Washington, D.C.
(Andrew Harrer/Bloomberg)
The coronavirus pandemic brought a surge of bankruptcies and missed interest payments — but attractive opportunities in distressed debt remain scarce, at least according to GMO.The issuers accounting for much of April’s defaulted debt were struggling well before Covid-19 shut down the economy, the firm