When the so-called ‘Group of 26’ investors published the Improving Market Standards proposals in October, several issuers were angered by what they saw as the confrontational tone of the investors’ demands. But, says Stephen Wilson-Smith, head of credit research at M&G Investments and one of the initiative’s key architects, “We are not trying to penalise anyone – we are trying to create incentives.”

At the same time as Wilson-Smith was talking to Credit, food giant Parmalat was begging the

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