Credit crunch!

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Learning curves: One of the supposed wisdoms of the credit markets has always been that European investors will at some point in the future develop credit analysis skills that match those of their counterparts in the US.

The great news for all credit market participants is that, at the top end of European fund management, this process is happening more quickly than even the most optimistic could have predicted.

Portfolio managers have developed deep levels of understanding of their sectors. To so

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