The dismay of investors was quickly apparent in the market for credit-default swaps (see chart) and in the equally active market for gossip.

ECONOMIST: Dubai seeks a reprieve on its debts

He pulls out a chart showing the price of credit default swaps on Glencore (a Swiss firm and the biggest oil trader not part of an oil company).

FORBES: Crude Cassandra

Since the last week of September the apparent risk of a Commerzbank default, on the basis of derivative prices, has nearly trebled (see chart).

ECONOMIST: Commerzbank

As this chart shows, managers still expect that over the next 21 months default rates will revert toward, but not all the way to, the historical mean of 3.5% by principal amount.

FORBES: Connect

Here is a chart which shows the credit spread of high yield bonds vs. the default rate of high yield bonds since 1997.

FORBES: Connect