The iTraxx Europe crossover index
The index has risen sharply from record lows of just over 200 bps it hit in January.
Fears have been escalating in recent days over the fallout companies could face as the coronavirus pandemic plays havoc with the global economy.
Ratings agency S&P Global warned on Tuesday that the sudden economic stop caused by measures to contain the virus will cause a global recession this year. It predicted default rates for non-financial corporates in Europe would surge to the high single digits over the next 12 months.
A cashflow slump and much tighter financing conditions as well as the simultaneous oil price shock will hurt creditworthiness, S&P added.
Pressure on the iTraxx Europe subordinated financials index nevertheless eased a touch, with the index
Among sovereigns, five-year CDS for the United Kingdom
Austria CDS added 1 bps to 22 bps, while levels for Germany
(Reporting by Karin Strohecker; Editing by Dhara Ranasinghe and Catherine Evans)