At the same time, credit default swap (CDS) indices in  2  BIS Review 77/2008  Europe and the US have declined since mid-March (though recently they have increased somewhat), the availability of bank credit to households and non-financial corporations in the euro area has not been significantly affected by the financial market turbulence, and corporate bond spreads have narrowed Moreover, the functioning of the leveraged loan market is showing some tentative signs of improvement.
2  In other words, central banks had to act as a “plumber” to fix broken and clogged pipes to facilitate liquidity going through the system.