During recent months global markets have been experiencing levels of volatility unseen since the beginning of 2003. Primarily, this has been caused by renewed fears over the deteriorating outlook for the sub-prime US mortgage and lending market, which in turn, has led to a broader reassessment of credit risk, mounting concerns surrounding the potentially detrimental effect it could have upon the financial system and concern over the wider economic impact of a 'credit crunch'. Corporate bond markets came under serious pressure, with moves in credit derivatives making daily headlines with spr...
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