Daily Credit Market Summary: May 7 - Swing Day
Thu, 07 May 2009 15:00:00 -0700
Spreads were mixed in the US with IG wider (after a 10bps gap tighter opening), HVOL improving, ExHVOL weaker, XO wider, and HY rallying (HY-IG decompression came on later in the day) . Indices typically underperformed single-names (as talk of major prop desk short-covering were rife) with skews widening in general as IG underperformed but narrowed the skew, HVOL outperformed but widened the skew, ExHVOL's skew widened as it underperformed, XO underperformed but compressed the skew, and HY's ske
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