Renewed nerves about mid east tension and Europe’s sovereign crisis sent credit spreads generally wider yesterday, with the US investment grade credit indices closing a couple of basis points wider at 87bp. Europe was continuing to widen this morning, with iTraxx Main just over 1bp wider intraday, according to Markit, at 104/105bp.
While tightening in key names such as MBIA, Liz Claibourne and iStar helped to keep a lid on US spreads, many other names were marked wider. The CDX XOver index closed the day 7bp wider at 392bp, according to traders, with the high yield index losing half a point to 103 and the LCDX moving down to 99.5.
Traders say there was none of the panic selling seen in some recent sell-offs. However, a report just after mid-day New York time that police were shooting at demonstrators in Saudi Arabia sent jitters around the market.
European nerves remain frayed this morning, with rumours swirling that a Portuguese bail-out could be announced as early as today. According to Markit, the SovX index was 5bp wider this morning at 192bp. Yesterday's downgrade of Spain by Moody's to Aa2 was widely cited as damaging investor sentiment, though it takes Moody's rating on the sovereign to the same level as S&P's existing rating.
While tightening in key names such as MBIA, Liz Claibourne and iStar helped to keep a lid on US spreads, many other names were marked wider. The CDX XOver index closed the day 7bp wider at 392bp, according to traders, with the high yield index losing half a point to 103 and the LCDX moving down to 99.5.
Traders say there was none of the panic selling seen in some recent sell-offs. However, a report just after mid-day New York time that police were shooting at demonstrators in Saudi Arabia sent jitters around the market.
European nerves remain frayed this morning, with rumours swirling that a Portuguese bail-out could be announced as early as today. According to Markit, the SovX index was 5bp wider this morning at 192bp. Yesterday's downgrade of Spain by Moody's to Aa2 was widely cited as damaging investor sentiment, though it takes Moody's rating on the sovereign to the same level as S&P's existing rating.
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