And Credit Investors’ Biggest Worry Is…

So yeah, there's certainly an argument to be made that as complacent as global equity markets surely are, credit is in fact the most complacent asset of them all. Indeed, we've variously suggested that if stocks are asleep at the wheel, credit is passed the fuck out with its head in the toilet. That's not just our assessment. Recall this rather amusing title that appeared on a Deutsche Bank note earlier this year: Part of this is of course central banks and specifically, the ECB, which you'l