Editor's letter


A confusing picture of the year ahead emerges as I work my way through the teetering piles of credit outlook 2007 publications stacked up on my desk.

Barclays Capital is projecting low default rates, while Deutsche Bank warns defaults are set to rise.

Societe Generale reckons nothing short of a major shock is needed to send spreads wider, while fund manager Pimco sees spread widening as a distinct possibility resulting from global rate hikes. Lehman Brothers forecasts a "fine year" ahead for the

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