19 March 2015 by lberuti
As you can see on the above grapple, the risk of investment grade credits in Europe has widened over the last week across the board. The red bar shows that the average widening in Europe was 2.6bps. On the left-end side are all the underperformers, and almost all the latter are to be found in 2 sectors. They are either financials or energy companies. That pretty much sums up what the market has focused on. On the one hand, a lot of attention was paid to the fall in oil prices, which is back to levels last seen 6 years ago. On the other hand, investors have grown more concerned about Greece and the absence of progress towards a resolution of their debt position over the last few weeks and they also became wary of names exposed to emerging markets in general.