NZ Credit: A top performer in 2011

• NZ investment grade credit was a top performing asset class globally in 2011.

• Global credit markets deteriorated mid-year, faced with the European sovereign crisis and the US macroeconomic slowdown.

• NZ credit markets remained oddly insulated until November, when credit margins widened sharply as domestic issuance picked up.

•bWhile the backdrop in 2012 remains challenging, wider credit margins are available to investors, especially on issuers in the financial sector.