So have you read all those weighty tomes describing the outlook for credit spreads in 2005? Have you been to at least one investment bank-hosted conference (or maybe you were the host) where the brightest and best looked into their crystal balls and told you what would happen to spreads in 2005? Good. Now that you know what’s going to happen to spreads, what about looking at the market from a different perspective: that of market participants?
For investment banks, the forces driving b