European telecoms were all trading tighter in the credit derivatives market today. Benchmar
Spreads began to widen in thin trading at the end of last week, as mounting fears of a terrorist attack on a UK airport added a bearish sentiment across the market. London-based traders said the credit protection market saw limited flows on Monday, partly due to the public holiday in the US. But trading activity picked up on Tuesday, with credit default swap spreads contracting in a number of sectors.