The ability to move and transfer risk just stopped completely, accentuating the extreme nature of the market price vacuum," says Mr Peters. A gradual return in investor confidence saw companies return to debt issuance as part of a record-breaking fundraising effort. "Since the darkest days of March, there has been a steady recovery in the more liquid products that were hit the hardest or that do not have any real meaningful credit risk attached. Tegolin Harding, a director at Independent Trustee Services, points to the Term Asset-backed Securities Loan Facility, a Federal Reserve stimulus program, as one such example. Ms Harding stresses that schemes that have been able to pounce on discounted assets are typically those that have long ago tackled exposure to interest rate and inflation risks, and are well funded despite the March dip in both equity and bond markets.