Offers of protection remain thin in subdued credit markets

Sentiment in the credit derivatives markets continues to be war-driven and has closely shadowed the fortunes of the equity market. At the start of the week, spreads widened across a range of sectors by 2 basis points (bp) to 5bp in line with falling equity markets, which slumped due to fears of increased resistance to the US-led invasion of Iraq. Towards the end of Wednesday credit spreads began to tighten, in line with renewed reports of coalition progress.

“We are seeing very little activi

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