And at first glance it makes for comforting reading: “Spreads in Europe to remain tight,” says Lehman Brothers, while ABN Amro forecasts a benign outlook in 2006. How does this play out for fixed income, which has provided the bread and butter for many investment banks for the past five years, even though M&A and equities have returned to the fore in 2005? Setbacks such as General Motors or Delphi did not stop the majority of banks enjoying another stellar year.
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