Blind optimism for investors


With second-quarter earnings coming in largely ahead of expectations, sentiment across credit markets has found renewed strength. The headline profit numbers have provided a fillip for risk appetite on both sides of the Atlantic: credit spreads have contracted sharply and equity indices have risen. On the back of all this, the excess return on investment grade credit was some +7.2% in the second quarter of this year and is currently at over +10% year-to-date. European high yield credit returned

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