As memories of the financial crisis of 2008-2009 are gradually relegated to history, daily market pricing in the debt markets increasingly bears little evidence of those momentous and traumatic events.

The average investment grade spread for a five-year fixed-income bond is now around 190 basis points, for example, compared with the historic high of 656bp recorded in the teeth of the crisis in December 2008. Credit default swap prices are a fraction of where they were 12 months ago.