The profile of the U.S. Credit Index has changed profoundly over the past few years, affecting many bond investors around the globe. What has instigated these changes? And what do these changes mean in terms of the overall credit quality of the market? And what are the implications for market participants?
The index has changed in a dramatic way over the past few years. At the end of October 2002, the index had 725 issuers in it. At the end of October of this year, the number was dow