I     8+' !92 9 9'888 98' &9  82 82  2 85   -3 89CND3 P'+(%(#"(+("1%(+(,'0(!
This year, risk spreads have narrowed further – though generally not to the unrealistically low levels of a year ago – and a heavy volume of issuance in credit markets has signaled a return to their more-normal functioning. Equity prices have risen to new highs and, in the process, have elevated price-earnings ratios to historic levels.