Carnage in credit as Crossover plunges further
The Markit iTraxx Crossover index, a barometer of non-investment grade credit, printed as wide as 575bp on Thursday, as credit markets weakened further, and trading desks were seen refusing to bid bonds and working orders only. Real prices were said to be two or three points below those on screens.
Sectors with any connection to transport, hospitality or energy have been smacked hard, even following the sell-offs earlier this week, with duty free firm Dufry’s debt off 6.5 points and oil explorer Enquest down a further 10 points.Even sectors which had previously escaped the worst look to ...
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