How to Trade Credit Stress

Sebastian Blackburn: Is it a sign that there's some sort of event coming though? He says when you go from 0 to 5% in interest rates in 12 months, things are going to happen. Gee, Blackburn asking, Peter, credit stress is not really priced in. How do we trade it? Well, with respect to the credit stress, not yet, but it doesn't happen just all at once,. It happens slowly.