Rising spread dispersion and widening spreads in European credit markets in recent weeks have confounded expectations that quantitative easing would boost demand for corporate debt. However, the impact may be delayed rather than cancelled, analysts say. While rates have rallied sharply since the March 9 launch of the ECB's bond-buying programme, European credit default swap indices have struggled to make ground, and a leap in spread dispersion has led to uneven performance among both indices and single-name CDS.
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