The most liquidity this week has been for protection against the European telecoms sector. “A number of liquid names have come in five to 10 basis points, including France Telecom, Deutsche Telekom, Tefonica and KPN,” another London-based trader said. “The main driver is reasonable performance on the eq
London-based traders said the market was extremely quiet with a marked reduction on bids and offers on trading screens. “This is no real surprise. We expected quiet markets today,” one noted.