FICC Focus Credit Crunch: Corbin Capital’s Cocke on Value in Fixed Income
Oct 29, 2025
In this engaging discussion, John Cocke, Partner and Deputy CIO at Corbin Capital Partners, explores the intriguing world of credit markets. He emphasizes the value found in sectors like digital infrastructure and data centers, advocating for strategic investments in private credit and mortgage-backed securities. Cocke shares insights on balancing data and judgment in portfolio construction, the dynamics of litigation finance, and opportunities in legacy RMBS. His take on avoiding consensus trades and focusing on predictable recoveries adds a unique flavor to the credit investing landscape.
AI Snips
Chapters
Transcript
Episode notes
Restructuring Paper Can Create Opportunities
- Post-restructuring securities emerging from LME processes can offer attractive entry points once outcomes become clearer.
- Corbin partners with steering committees to buy into restructurings as probabilities of outcomes rise.
Finance Where CapEx Actually Adds Value
- Corbin focuses credit investments where recovery value is certain and capital funds value-creating capex.
- Today that means telecom, data centers and digital infrastructure, where financed CapEx increases asset value.
Pick CMBS By Nearer Maturity Vintages
- Do targeted work in CMBS vintages with imminent maturities to shorten time to value realization.
- Avoid broad loading into CMBS now because extension risk and realization timelines remain uncertain.