Macro hedge funds came in and bought a ton of protection across the triple-B stack. Spreads were basically pushed out to 1998 levels in a couple of weeks, without any real panic or liquidity crisis in the marketplace. |
Now at the beginning of the year, while spreads are not all the way back in, we have seen a 200-basis-points move back and forth in spreads. |
One of the most exciting things that happened was that we saw some completely different players come into our sector. |