Dealing with volatility

After a rollercoaster ride in the credit markets since March, credit portfolio managers have been left to ponder what the market will do next. Keith Ho of Barclays Capital gives Risk his view. By Hann Ho


The credit market's seemingly erratic behaviour in the past two months has come after four years of relative calm. While the cost of financing for European corporates began to creep upwards in mid-March, it wasn't until Standard & Poor's downgraded almost half a trillion dollars of General Motors (GM) and Ford debt to junk on May 5 that the market signalled what some believe to be a turn in the cycle.

The credit rating agency's move sparked off a widening in credit spreads across all sectors and

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