European credit spreads were volatile on Wednesday on continued concerns that banks will reveal further losses from toxic assets. By 1551 GMT, the investment-grade Markit iTraxx Europe index was at 172.75 basis points, according to data from Markit, 1.75 basis points wider versus late on Tuesday.
The Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, was at 1,053.5 basis points, 31.5 basis points wider. Despite the volatility, primary market activity remained buoyant with the world's largest brewer Anheuser-Busch Inbev pulling off a three-part bond deal.
The company will sell a four-year 750 million euro ($967 million) bond at mid-swaps plus 475 basis points, an eight-year 600 million euro bond at mid-swaps plus 537.5 basis points and a 15.5-year 550 pound ($756) bond at gilts plus 525 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.