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European credit derivatives indexes widened on Thursday as equities traded downwards following disappointing US jobless numbers and banks came under pressure with the unveiling of tough new proposals. By 1507 GMT, the investment-grade Markit iTraxx Europe index was at 82 basis points, according to data from Markit, 2.5 basis points wider versus late on Wednesday.
The Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, was at 481.5 basis points, 10.5 basis points wider. Bank stocks sold off following the publication of tough new capital adequacy plans from the Basel Committee on Banking Supervision. The proposals will introduce stricter limits on what can be counted as top level assets and on risk exposure from trading in derivatives and securities.

Copyright Reuters, 2009

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