High yield rally continues as Middle East unrest fails to dent credit markets

Trading talk: March 2011

trading-talk-credit

Reaction from the credit markets to upheaval in the Arabic region was relatively muted last month, with traders reporting an uptick in volatility but no broad-based selling. Credit derivative indexes moved some 5% to 7.5% wider between February 21 and February 24, as oil prices spiked, but cash indexes were little changed.

“Markets have been hesitating but there’s been no consensus,” says a trader at a European dealer in London. “People haven’t wanted to take too much risk.”

Energy companies with

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