SCOOP: Top Credit Fund Canyon Partners says March on track to be its worst ever month since 1998

Canyon Capital Advisors says March is on track to be the second worst month in its history after the 1998 Long-Term Capital Management and Russia debt default incident. Their letter dated Tuesday notes that Monday brought the highest close of the VIX ever and the steepest decline in stock indices since Black Monday in 1987.

No “pressured selling”

Much of Wall Street has been experiencing pressured selling, especially in the gold market. However, in their letter dated March 17, Canyon Partners management said the weakness in the fund's March returns is a function of mark-to-market movements rather than pressured selling.

In fact, the...