Goldman's top credit trader said he's worried about a coming downturn in the corporate bond market because a decade of changes to the industry's market structure haven't been sufficiently tested. Justin Gmelich said the corporate bond market is "super-procyclical" these days, which makes it an imperative that the industry be ready to use whatever it can to provide liquidity when the market turns. Gmelich spoke with a roomful of industry executives in Washington on Tuesday at a conference...


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