Most credit investors are likely distracted by the House's proposed 90% bonus tax, the CDX roll and March Madness. The new CDX (#12) is ~37bps tighter in spread than the old index.
I'm encouraged by how volatility has been relatively rangebound since late last year (Vix largely contained by the 40-50 range).
EverestRE is tendering for some of their hybrid bonds (down in the capital structure). Viewed in isolation, it doesn't have a huge impact. However, it's a good sign that issuers are recognizing the value in their subordinated debt and have enough cash to buy them back.
The new issue market continues to chug along with recent deals from Peco and UPS and a deal in the market today for SPG.
The Fed's TALF program has had a modest successful launch with the first few deals. This is a complex and unique program that could be expanded further into other market sectors so currently unaffected investors are watching it carefully.
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