The month of March started with imminent spread widening on the back of the conflict between Ukraine and Russia over the peninsula Crimea. The conflict caused fear in capital markets which in turn led to a selloff in risky assets. However, sentiment quickly turned as inflows into credit pushed spreads tighter. At the middle of March the Crimean population voted for independence from Ukraine and subsequent annexation in Russia. This calmed down capital markets and led to further spread tightening. …
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