Is the market equipped for the next LTCM?

trends in credit

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For corporate bond investors, the first quarter of 2005 got off to an unassuming start. The primary market remained subdued, with a paltry sum of new non-financial supply being issued, while spreads in the secondary market continued their steady tightening trend. But by March, the tone of the market had taken a dramatic turn, with traders’ screens flashing with a succession of negative headlines: spiking oil prices, inflationary concerns, a sharp increase in leveraged buyouts and further deterio

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