Credit Markets Update: Merrill spreads hit as disclosure fears grow

The New York attorney general has alleged that Merrill analysts produced distorted equity research to secure lucrative corporate finance work. An attorney general demand for full disclosure would hurt the bank as it would be forced to tell its competitors which firms it was pitching to for investment banking business. Despite the US investment bank securing an eight-day reprieve yesterday, Merrill’s spreads rose to 67bp/72bp today with multiple buyers and sellers, said John Piluso, a credit

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