14 April 2014 by HCM
Credit indices opened at the widest levels of the day but ground tighter throughout the session to close at the tights. The results of Citi, which were better than expected, probably helped a little bit along the way, as did US statistics painting a more robust economic picture that investors anticipated. But the trading activity was subdued. That stands in sharp contrast with busy trading sessions since the roll, as recently shown by the DTCC volumes regarding the week ending on the 4th April, during which volumes were very healthy and stood substantially above similar periods over the last few years. Short risk positions were unwound during the last fortnight and some pain was taken as it took place at the tightest levels of the year. But it is difficult to read much in today’s move tighter as only few trades went through.