Oak Hill has $5 bln war chest to buy underperforming credit: Bloomberg

Oak Hill Advisors has amassed a $5 billion war chest that it can draw in 10 days or less to buy should situations, including a recession or downgrades, spark sudden selling, Bloomberg reported, quoting CEO Glenn August. Other firms, including BlackRock Inc, Blackstone’s credit arm GSO Capital Partners and Apollo Global Management, have all been shoring up resources, the story said.