It’s been the non-proverbial Ides of several months now for the credit markets. It started with the IL&FS default last year, but it has been a series of blow-ups since then — the latest being downgrades in two Reliance ADAG group companies.
The most immediate impact has been on certain debt mutual funds (MF), that have been large investors in several companies that have come under stress. The most debilitating effect though isn’t about drop in prices — after all MFs are market instr ..