The last 12 months have seen yet another twist to the post-financial crisis story. In the summer of 2009, the credit market was enjoying a remarkable turnaround in fortunes; with bond prices rising rapidly from their late 2008 and early 2009 lows, a buoyant new issue market, and investors enjoying equity-like returns.
That momentum continued through the first quarter of this year. Sure enough, there were blips along the way, with events in Dubai and Greece causing spreads to temporarily move out
The week on Risk.net, August 4–10Receive this by email