Is the market equipped for the next LTCM?

trends in credit


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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