06 March 2015 by lberuti
After a few days of tightening, the European credit market took a breather. It was nothing violent, and most of the names merely slowed in their grind tighter. In this grapple, when a risk premium tightens the corresponding box is green and when it widens it is red. The bigger the move the brighter the color. That gives the above grapple an almost uniform pale shade of green. Two rare reddish spots come from basic material companies. Indeed Metal and miners were the underperformers of the day and saw their risk premia widened 8-10bps as flows were dominated by longs going through a round of profit taking and new short being initiated. That pushed AALLN (Anglo American Plc) 9bps wider at 154bps and GLEINT (Glencore Plc) 7bps wider at 146.5bps. To put things in perspective, you can choose a different time span by clicking on any of available maturities in the top left corner. Any choice from a one-week-horizon to a year-to-date performance will generate very bright shades of green across the board.