Market graphic - A tough 12 months for credit

Suki Mann, senior credit strategist at Societe Generale, looks back over the past year in credit to see if we can extrapolate any pointers for the future

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To say that the past 12 months have been hard for credit would be a slight understatement. The weakness started just over a year ago on initial worries of the possibility of more than a 25 basis point hike in US interest rates, as well as jitters surrounding the market's response to the growing likelihood of Ford and General Motors being downgraded to junk.

However, the impact was really felt following the leveraged buyout of Danish cleaning services firm ISS - the first aggressive buyout of a

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