Yesterday MS published there Credit reports and they are more worried about the Macro environment.

The macro backdrop has worsened considerably since the end of June. Rising sovereign bond yields in Spain, weaker domestic and global economic data as well as the rising possibility that Greece once again fails to meet their bailout program criteria have all been shrugged off by credit investors. Since the end of June, the yield on the 10-year US .Treasury has fallen by 22bp and recently touched an all-time intra-day low of 1.379%. On the surface, that should tell you that risk assets have sold off. Continue reading

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