Editor’s letter



Credit is five years old this month. And what a half decade it’s been. When the magazine was launched in February 2000, the European credit market was in its infancy: the euro was just one year old, the seeds of the telcos blowout were only just sprouting, and credit derivatives such as collateralised debt obligations – not to mention the CDOs-squared or -cubed talked of today – were unthought of.

The sophistication and complexity of the market in 2005 – and the speed with which

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