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GC Asia
Cash stagnant despite improvement in indices and equities
While CDS indices tightened on Monday morning amid reports of IMF intervention in Italy and potential common bond issuance for AAA-rated eurozone economies, bankers said cash trading volumes for senior unsecured FIG paper were still low, with real money investors reluctant to take on risk so close to year end.
The iTraxx senior financials index was 10bp tighter at 342.5bp, according to Markit data, while the subordinated index had tightened by 17bp to 591bp. But market participants said this was most likely accounted for by short covering.
“Optically it is tighter but I haven’t seen any real money buying,” ...Already a subscriber? Login
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