Investment grade

As the subprime meltdown wrought havoc in global credit markets in August, liquidity drained from the markets. Global central banks intervened on an unprecedented scale, injecting billions into money markets throughout August. And on August 17 the Federal Reserve cut the rate at which it lends money directly to wholesale banks by 50 basis points in a bid to promote "the restoration of orderly conditions in financial markets".

It is no coincidence that the major corporate bond banks that took