Credit Spreads: the new horizon


On the face of it, credit fundamentals are very positive. Defaults are low and recoveries are still high. In the US, GDP is solid and unemployment is at a five-year low. There are still major Asian trade surpluses and petrodollars to recirculate, lending support to spreads in the US credit markets. In Europe, the fundamental picture is rosy, with strong corporate earnings, low default risk and firm domestic demand. And yet, in each of the investment-grade, high-yield, distressed and

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