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 t

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