Credit Crunch!

Columnist

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Sour dough. Look up ‘sour dough bread’ on Google, an internet search engine, and the first page reference will be for a recipe from a website called the ‘Rocky Report’.

A rocky report was certainly what was served up to holders of securitised bonds from RHM Group, one of the UK’s largest bread makers, when it posted its first-quarter results in September.

Analysts seized on the weak results from RHM – which launched one of the first true whole-business securitisations (WBS) in the UK back in 2001