European corporate credit spreads contract; retail sector sees negative basis

Credit protection spreads have remained relatively tight since the turn of the year, despite falling equity markets. This trend was reversed last Friday when an S&P report on pension fund liabilities for European corporates sparked protection buying in the market. From yesterday, traders noted another reversal in market sentiment following better US equity markets yesterday, causing spreads to contract.

Credit spreads on European retailers reacted to Monday’s news that French retailers Casi

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