03 April 2018 by lberuti
After the end of month rally we experienced on Thursday, the first day of the quarter started pretty badly in the US while Europe was enjoying its Easter break. Investors were not entirely comfortable when they arrived in their office this morning and they were expecting a rough ride. But if European credit opened a little bit wider, it did not participate in the weaker equity picture. It probably makes sense considering that FANG bore the brunt of the pain in the US, and they are not included in any credit index. CDX IG had a little scare as it is more tech heavy, but the widening was rapidly faded as soon as equity markets stabilised. As you can see if you visit OTC Streaming, volumes were a bit underwhelming and it seems that a decent chunk of the market is still absent. While US stocks continue to whip around, credit is holding in relatively well at the moment.