Credit spreads View from the buy side

credit of the month

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Mark Kiesel
Pimco

When the wind changes direction and calm seas turn stormy, you adjust your sails and batten down the hatches. Corporate bond investors would do well to heed this advice in 2005. Corporate America has had the wind at its back, in the form of low borrowing rates and a consumer-driven economic recovery, but those tailwinds are turning steadily into headwinds and a sea change could well be coming.

The health of the corporate sector has been largely a result of lo

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