As I struggle out of bed in the increasingly dark London mornings I have to remind myself why I still find the credit business so stimulating. But over the past few weeks it has been easier than usual to spring out of bed at 5:45am every morning. It’s not that spreads are at last widening so that I can get that mammoth CDO out of the blocks. And it isn’t because it’s only three months to bonus day.
What has really captured my imagination lately is the development of an embryonic ‘fixing’ for the