A precarious recovery: The outlook for credit

Although credit spreads have tightened since the start of the year, mirroring a sharp uplift in equities, investors should guard against seeing this as a sign that the green shoots of recovery have sprouted for the credit market.

Everyone in the credit world is used to treating equity markets with a degree of caution. While credit is, at heart, a fairly straightforward and conservative product, equities are perceived as more frivolous and equity investors as prone to overexcitement. Now the bul

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