Credit markets: Reversal of fortune

The spectacular rally in the US high-yield market this year has spilled over to Europe, raising the tantalizing prospect that, after several false starts, this asset class could finally establish itself.

Investors squeezed in market melt-up

From a journalist’s point of view it is very refreshing to be writing about investors pouring into a market and achieving more than 50% returns year to date – it feels quite like old times.