Credit 2003 - Deals of the year

Deals of the year

Corporate bond investors had an easier ride last year than in 2002, as throughout the year spreads in the credit markets followed a tightening trend. The main investment policy for fund managers of being overweight credit paid off as corporate bond spreads tightened throughout the year.

Borrowers for their part also aided positive sentiment by continuing strategies of strengthening their balance sheets by reducing their debt burdens. Terming out the maturity profile was a common theme for corpora