Japanese credit spreads tighten to near-record levels

- Saima Farooqi
- 25 Apr 2003

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Reflecting the tightening trend, the CJ 50 index – a joint venture between Goldman Sachs, Credit Lyonnais, BNP Paribas and Bank of Tokyo-Mitsubishi (BTM) that tracks the movement of the 50 most actively traded Japanese credit default swaps – tightened from 47.78 basis points last week to 43.16bp this week.

One trader noted that the tightening trend was nearing record levels particularly for companies rated above single A. “We’re almost at the historical tight levels in many names. Tightening for

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