Credit markets resilient to extraneous events in Japan and MENA

Credit markets prove surprisingly resilient in March, despite Japanese earthquake, ongoing tension in the Middle East and concern over Portugal’s debt problems


Credit markets generally held remarkably firm last month in response to the natural disaster in Japan and continuing conflict in the Middle East and North Africa (MENA).

European investment grade and crossover spreads in particular stood up strongly. The investment grade credit derivatives index iTraxx Europe Main stood only two basis points wider on March 16 versus March 10, the day before the Japanese earthquake and tsunami, while the US investment grade CDX index widened 4.5bp. Although the

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