By Gavan Nolan, credit analyst at Markit
European credit markets experienced yet another difficult week, with ongoing concerns about the eurozone's periphery continuing to weigh on spreads. The Markit SovX Western Europe had widened to 155 basis points by June 24, nearly 20bp wider than where it closed the previous Friday.
Greece, in particular, was underperforming. The country's credit rating was downgraded to junk by Moody's on June 14. Taken alongside S&P's similar downgrade in April, this means that Greek ....