Millennium Shuts Jason Feasey's Credit Trades After Altice Bets Sour [BNN Bloomberg (Canada)]
ATOS ORIGIN SA UNSP/ADR (AEXAY)
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Source: BNN Bloomberg
Feasey had built bets on Altice's vast debt complex, according to people familiar with the matter. The positions swiftly moved against him after the telecom firm told creditors last month they would need to accept haircuts to help it meet leverage targets, said the people, who asked not to be named discussing non-public information. He joins a growing list of credit traders getting stopped out at multi-strategy hedge funds that operate with tight risk limits. Such firms often prevent traders from changing their positions and cut their assets once losses reach a certain threshold. Feasey managed about $750 million for Millennium with three of his team members, according to two of the people. A representative for Millennium, which manages about $62 billion spread across more than 320 teams of traders, declined to comment. Feasey did not respond to a call and message seeking comment. Volte Face Altice founder Patrick Drahi built a telecom empire and racked up $60 billion of de
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