The unpredictability of credit


Whichever way you look at it, 2009 has been a remarkable year for credit. At the beginning of the year, few could have foreseen the rally in credit spreads and surge in new issuance that began in the second quarter and has continued ever since.

In some areas of the bond market, the near-term outlook looks particularly favourable. All-in costs for top quality high grade borrowers are at their lowest levels in a decade. Should the global economy rebound well, and corporates once more look at

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