The credit derivatives market has not seen a year like 2011. Volatility was higher in the aftermath of the Lehman Brothers collapse in September 2008, but it focused primarily on financial names. Last year’s fear was less discriminating, encompassing US and European banks, peripheral eurozone sovereigns, but also – for the first time – infecting the continent’s core nations, while countries far from the European crisis experienced their own, idiosyncratic bouts of turbulence.
On June 7, Germany’
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