Part 2/9:

Wall Street is increasingly concerned that the corporate credit market is displaying dangerously low spreads, indicated by the underwhelming compensation available for taking on significant risks. With a stark reminder of 2007's conditions in the air, some spreads have reached levels not seen since, and for certain ratings classes, novel lows since 1998. This situation raises alarms among seasoned analysts who understand that narrow spreads typically signal a false sense of security.