Credit market round up: Catch up time in corporate land

The substantial help afforded financial institutions across the globe has failed to support spreads outside the financial sector. Corporate credit was responsible for the widening in both Europe’s iTraxx (Series 10) and the US CDX (Series 11) to 172bp and 225bp respectively – outside the previous wides seen in March. Confirmation that a global recession is on its way was the main factor driving the move.