"The EUR 750bn ECB support, announced on March 19th, brought the rapid increase of corporate investment grade spreads to a halt and resulted in a significant decline in sub-investment grade spreads.
The Bloomberg industrial credit spreads flattened out after the ECB announcement. A similar effect can be seen in the iTraxx Europe Main CDS spread, consisting of the most liquid European entities with investment grade credit ratings. On the other hand, The iTraxx Crossover Index recorded a significant decline in spreads from over 700bps to around 500bps. The iTraxx Crossover Index covers 75 European entities with sub-investment grade credit ratings."