Sector roundup

Credit celebrates the results season with a new monthly section giving readers a series of sector overviews. The summaries are distilled from a variety of credit analysts’ opinions and insights

Since late last year, technicals have been getting the better of fundamentals. Investors have had cash to invest, more money has been moving into corporate bonds and new issuance has been low. So although there are plenty of reasons to be concerned about the year ahead – war, weaker economies, falling equity markets and further deterioration in credit quality – many sectors have seen spreads tightening. However, the news that Ahold has been guilty of accounting irregularities may well change all