As those of us returning from summer holidays with children know, the early stages of a long journey stretch out mercilessly. Familiar landmarks are reached with maddening slowness as the chorus of "are we nearly there yet?" grows in ferocity.
Such, it seems, may also be the case with the long-anticipated back-up in credit spreads. Over the past year there has been a relatively low risk premium on offer to long-term investors across the capital markets, particularly those investing in credit.