Credit spreads widen on Greece concerns

The story for credit in April can be told in two instalments. First, the market basked in the warm glow of a better than expected first-quarter corporate earnings season. Second, resurgent European systemic risk progressively clouded the picture, while renewed banking concerns in the US, including civil fraud charges brought against Goldman Sachs, added to the turbulence. Towards the end of the month, contagion was leaking into many corners of the credit market, as panic over a possible