Credit Review

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The corporate bond markets reacted with optimism to the reelection of President George W. Bush in November, with spreads on the investment-grade index grinding five basis points tighter in the three days following the result.

Edward Marrinan, credit strategist at JPMorgan says, “The lifting of political uncertainty drove spreads tighter across the board, as the markets expressed relief that the election produced an uncontested winner.”

The tobacco sector, for example, drove marginally tighter

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