There is muted talk of a recovery in the credit markets. Risk premiums on financial institution, corporate and asset-backed debt have tightened since mid-March, bond issuance last month hit record levels and investment banks are selling leveraged loans with more ease than they have in any month since last August.

Sentiment among investors, largely driven by central bank intervention, bank recapitalizations and better-than-expected numbers in first-quarter bank results, appears to be improving.