The EU summit statement lacked any of the details or enforcement mechanisms that we wanted to see.
The longer-term trend for the corporate bond markets will depend on this week's European summit.
An increasing number of exogenous factors are affecting available capital.
Last week's jump in Italian bond prices did not appear emblematic of a typical market action.
While the initial bailout framework was enough to suppress near-term contagion fears, there continues to be enough smoke to indicate that potential fires are smoldering beneath the surface.
We find it disconcerting that the security that should benefit the most from the European plan has not appreciated along with the rest of the markets.
We are concerned that Wednesday's plan may be long on rhetoric but short in specifics.
We continue to be leery of how political risk and a possible slowdown in emerging markets will affect the marketplace.
We remain skeptical that the Europeans are close to being able to announce a decisive and comprehensive plan.
We're expanding our corporate credit ratings to include global banks.
The markets were quick to give back rumor-fueled gains last week, but at currently heightened spreads, credit risk looks attractive from a fundamental viewpoint.