Duncan Sankey

Credit analysts were always the poor relations of the dealing room, whose high profile in the absence of any clear tie to the P&L merely generated simmering resentment. While default rates were high and spreads wide and volatile, their presence – and cost base – were tolerated as a necessary evil. However, with all the value squeezed out of corporate credit and defaults apparently a thing of the past, have they outgrown their usefulness?

Agreed, we are unlikely to revisit 2002-style default risk

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