Credit spreads may be seeing record tightness, with the asset class remaining 3 times less volatile than government bonds. But if you look at second order measures, like volatility and dispersions, they're starting to point to risks in the market, according to Bloomberg Intelligence's Global Head of Credit Strategy Mahesh Bhimalingham. He says they're beginning to show warning signs from Federal Reserve policy and the war in Ukraine, despite relentless spread tightening. He spoke with Tom Mackenzie on \\"Daybreak Europe.\\"