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There is an index called the Markit iTraxx Crossover Index that measures the cost of protection against junk-rated companies in Europe defaulting on debt-using credit default swaps. It is watched very closely because it indicates sentiment in the credit markets.
The iTraxx Index hit its highest level in its five-year history, implying that a record number of sub-investment grade companies in Europe are getting closer to being unable to meet debt obligations.
Stress was also evident in the short-term money markets, with the spread between sterling overnight market rates and London interbank rates rising to 164 basis points from 127 basis points in January.
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