The crystal ball

Credit strategy

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Ever since the first coalition forces set foot in Iraq, ending months of uncertainty about military action, fixed income has been booming. Spreads have tightened dramatically across the board, and while equities gingerly recover, credit is the asset class of the moment. The banks are cracking open the bubbly too, with many reporting record second-quarter revenues from their fixed-income businesses.

Even so, when General Motors launched a stunning $17.6 billion issue in late June, s

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