Investor demand for on-the-run bonds drives new issues higher
US new issue bonds rise in secondary trading

Investor demand for yield drives US financial bonds tighter
CDS spreads also move in on generally bullish market tone

Financial spreads take a hit as real money changes stance
Real money investors make a significant move on financial bond holdings

Credit vol stays high as option sellers stay away from the market
Volatility implied by credit options remains stubbornly high in the US and Europe

US investment banks' risk hits highest level since 2008
Banks hit by fears of exposure to European debt

SovX surges wider as Germany fuels Greece credit event fears
SovX is once again trading back over 200bp today, according to Markit, after comments from German finance minister Wolfgang Schäuble

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