Credit indices snap tighter on ECB corporate buying news

March 10, 2016 2:09 PM

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LONDON, March 10 (IFR) - Credit indices moved sharply tighter on Thursday afternoon after the European Central Bank surprised the market, announcing it would add investment-grade corporate names to its list for purchase under its asset purchase programme.

Markit's iTraxx Main and Crossover indices were 10bp and 35bp tighter on the day at 80bp and 338bp, having traded as tight as 78.625bp and 330.5bp. The Senior Financials index ratcheted down to 77.5bp at one point before giving back some gains to 85bp.

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