Overnight Libor is opening sharply higher at 6.88 percent versus 2.57 percent. That reflects the pressures generated by the quarter end balance sheet date. However, the pressure is not confined to the overnight date as Libor rates are higher by 13 basis points to 30 basis points across the money market curve. One month rates are up 21 basis and three month rates have jumped 17 basis points.
The IG 10 has opened at 171 which is 11 tighter than the soggy close of yesterday.