If investor exuberance best described what propelled the credit markets throughout much of the year, caution should dictate the performance in the final four months as the rally shows signs of slowing.

Corporate bond sales globally have broken through $1 trillion (€700bn) for the first time, surpassing the previous full-year record in 2007. Credit spreads or risk premiums have fallen at a record pace, and in Europe at their fastest in almost 100 years.