The iTraxx Japan Series 17 tightens, trading at 170, 168.5, 168, and 168.5 bps vs Friday's 174 bps as Greek elections results eased the likelihood of a near-term Greece exit from the euro-zone, which could rattle markets globally, says a Tokyo CDS trader; single-names are "broadly tighter," he says. Nippon Steel Corp. (5401.TO) is at 151 bps vs 190 bps on May 25, Honda Motor Co. Ltd. (7267.TO) is at 50 bps vs Friday's 52 bps, Oji Paper Co. Ltd. (3861.TO) is at 135 bps vs 160 bps on June 4. The recent broad tightening is in part driven by credit-linked note-related selling from Japanese investors, the trader says. Japan USD-denominated sovereign CDS are indicated at 90/92 bps vs Friday's 91 bps.
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