The crystal ball
The runaway success of GM’s recent $17.6 billion issue has proved beyond doubt that credit is still in demand, but how long can the good times last? Oliver Holtaway asks credit strategists to predict what the rest of the year may hold
Ever since the first coalition forces set foot in Iraq, ending months of uncertainty about military action, fixed income has been booming. Spreads have tightened dramatically across the board, and while equities gingerly recover, credit is the asset class of the moment. The banks are cracking open the bubbly too, with many reporting record second-quarter revenues from their fixed-income businesses.
Even so, when General Motors launched a stunning $17.6 billion issue in late June
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