If one were to look at the week-on-week change of the main credit indices, it would be perfectly understandable to assume that it was another uneventful few days in the markets. The Markit iTraxx Europe was trading at 61.5bps on December 18, just 1.5bps wider than the previous week. The Markit CDX.NA.IG was 3bps tighter at 66bps over the same period.