Japanese credit spreads tighten, especially in electronics

The cost of credit protection on Japanese corporate debt tightened across the board this week, with spreads in the electronics sector particularly narrower, although volumes were thin.

The cost of credit protection on computer chip makers Fujitsu and NEC five-year debt traded at 145/175bp and 75/95bp respectively, contracting from mid-spreads of 190bp and 110bp last Friday. “Earlier in the week we saw selling of protection on NEC at 103bp and then 97bp,” said one trader. “We’re now seeing a bit of back compression in the high-risk credits, and that has now filtered through to the high-grade names.”

Credit default swap spreads on Japan’s largest consumer and electronics group

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