2002 the year ahead

2001 was a turbulent year for the credit markets, with fallen angels and debt-laden telcos abounding. At the start of 2002, and in the wake of events such as September 11, the direction of the different sectors and of the market may take some months to reveal itself. Barclays Capital

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Global economic slowdown, biggest ever profits warning, largest ever bankruptcy, highest number of defaults in a year, a roller coaster ride in equities. It doesn’t exactly sound like a year in which the credit markets would be the star of the show. But, credit outperformed all other comparable asset classes in 2001.

So, what key factors are going to drive the market in 2002? In our opinion, they are technicals, fundamentals and supply. Not exactly an exciting or controversial list. Technical

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