Editor’s letter



Compared with the halcyon days of the debt capital markets in 2003, last year was not a world-beater for credit. There was good liquidity in the secondary market, but low turnover and volatility, and generating alpha in this environment was an arduous task. Stable spreads characterised 2004, although there were limited spikes in volatility – most notably with the rise in US interest rates in spring, which prompted widening spreads in emerging markets and high yield. As one investor laments to

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 info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net 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 Risk.net? View our subscription options

You need to sign in to use this feature. If you don’t have a Risk.net 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