Bloomberg (Terminal): Goldman and JPM will find it tough to reproduce last year's record trading revenue as the difference between bid and offer prices in credit markets narrows to the tightest in almost 19 months.

The chart of the day (right) shows how bid-ask spreads on North American companies have shrunk to 6 bps, from as high as 20 in October 2008 and 16 in March.

NB: The graph shows the average CDS bid-ask spread of the 125 companies in the CDX NA IG Index and not the bid-ask spread of the index itself (which is currently lower than 1 bps).