European corporate credit default swap spreads were tighter on Tuesday in the aftermath of Monday's roll to a new index series. The iTraxx credit derivatives indexes roll into a new series every six months to allow some constituents to be replaced to reflect any defaults, ratings downgrades or changes in liquidity.
By 0654 GMT, the new investment-grade Markit iTraxx Europe index was at 109 basis points, according to data from Markit. That is 2 basis points tighter than late on Monday, according to data from BGC Partners.
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