05 January 2016 by lberuti
After yesterday’s session which came as a shock to many investors, the price action was more muted in credit on much on the sectors. The odd one out was Consumer Cyclical though, and more specifically UK names, as NXT ( Next Plc ) gave the market a trading update which was a big miss from consensus expectations. This was clearly not a great start for non-food retailers, and it triggered some action straight out of the gate with people considering it has some negative read across for most of the sector. MKS ( Marks and Spencer Group Plc ), which will give its update on Thursday, was impacted and its 5 year risk premium closed 7bps wider at 113.5bps, while NXT’s closed 5bps wider at 59.5bps. But the most impacted names were to be found in the Crossover universe with MTNLN (Matalan Finance Plc) and NEWLOK (New Look Senior Issuer Plc) closing 110bps wider at 1890bps and 50bps wider at 436.5bps respectively.