IS IT TIME TO BREAK UP?

Goodbye for now to the corporate bond market

David McLeish’s tongue in cheek “Dear John letter” to the global corporate bond market.

Dear Global Corporate Bond Market,

It’s with a heavy heart that I write this letter. But after almost ten beautiful years it’s clear we’ve begun traveling down different paths.

It’s just everything you seem to do at the moment is wrong. If it’s not one thing it’s another. Please don’t take this the wrong way, but you’ve changed.

You just don’t treat my funds with respect anymore. Don’t get me wrong, the times when you would use the money you borrowed to grow and improve were really special. It made me feel like we really understood each other. You needed capital to expand and fulfil your potential and I needed security and income. It really was a match made in heaven.