In recent years, the credit markets have become accustomed to volatility, despite the best efforts of central banks to tame the beast. But where it was sovereigns and banks that were the instigators during the crises of 2007-2012, in 2015 it is the commodities sector that is providing the oscillations.

Nowhere was this more evident than in the performance of Glencore. The company’s spreads exceeded 900bps and its curve inverted on Monday