US Credit Opening Update

SOVX and Fins in Europe have led the market wider.  Both indices are out 7 bps, and the fin sub index is out 20 bps, having blown out 25 bps to 330 at one point earlier. Main and XOVER were marginally wider, and IG and HY are both opening a touch lower.  So far it looks like the weakness is confined to the weakest sovereigns and to the European banks. Will it be contained there? Possibly as market has grown bored with the headlines, but if it does manage to break through, watch out as the market generally seems long. Cash is doing okay, but very quiet.