Greece leads sovereigns wider as market turns
SovX continued tighter at the outset today, but has since changed direction and widened as the rest of the credit market looks for direction

Greece continues wider despite tax and restructuring assurances
The European market has reopened after the long bank holiday weekend with flattish trading of credit indices

Chemicals merger drives European high yield trading
European high yield focus today is on the announcement by Belgian chemicals firm Solvay that is to acquire French rival Rhodia

Peripheral weakness takes spreads wider after active roll day
After the strong tone seen in yesterday’s active European roll session, weakness has returned today with SovX Western Europe constituents all heading wider

Data company rallies on loan extension proposal
One of the biggest high yield names rallied after announcing an amend-and-extends yesterday, despite a moderately weaker day for corporate credit generally

HY off-the-runs rally sharply despite EFH credit event claims
All eyes in the US high yield credit market were yesterday on Energy Future Holdings

MBIA results prompts panic widening in indices and tranches
An otherwise quiet US credit market session yesterday was thrown into action in the latter part, when MBIA Inc announced its end-of-year results

Tier-one in demand despite sovereign and senior bank weakness
iTraxx Europe is flattish so far today at 96.25bp, but financials continue to trade well – much as they did yesterday

HY index and tranches strengthen on Hovnanian bond news
CDX HY constituent Hovnanian Enterprise saw a big rally during yesterday’s session, on news the firm is raising $275 million through senior notes and equity

Credit underperforms equity following Japan downgrade
Credit spreads are moving back wider today and underperforming equities, with Japan’s rating downgrade having knocked confidence in European sovereigns

M&S among biggest movers as spreads return wider
Credit spreads are ending the week on a slight push wider

Commerzbank capital raising drives large CDS rally
Commerzbank, whose credit default swap has traded in a volatile range since the start of 2011, is again among the biggest movers today on news the bank will raise capital by 10% to comply with regulations

Options expiry leaves indices finely balanced, say traders
Yesterday’s December options expiry day proceeded on light volume in Europe, say iTraxx traders, but has left the market well balanced

December options expiry promises 'choppy' session, say traders
Credit traders in the US say that they expect a choppy session in the CDX IG index today

Go long Europe and short Crossover, says trading desk
BNP Paribas’ trading desk has recommended it is time for investors to go long iTraxx Europe while short Crossover

Ireland and Greece fortunes diverge as bailout talks progress
There has been notable differentiation in the performance of European peripheral sovereign credits today, with Ireland and Portugal picking up a rally while Greece has pushed slightly wider

Index rolls trade wider than expected
Today’s roll of iTraxx credit indices as seen the new series 14 Crossover come in at a bigger differential than had been predicted purely on compositional and curve effects