GM: cause and effect

chart of the month


Since the dark days of October 2002, the credit markets have enjoyed a long period of consistent outperformance. Spreads have been grinding in as defaults reduced and event risk slowed to a crawl. Indeed, the last 18 months have in many ways been the ‘golden era’ for credit as the asset class has benefited from an almost perfect backdrop of strong economic growth coupled with low bond yields.

As a result the market has enjoyed good support both fundamentally and technically. In the second half

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here