The blind side of SVB rushes credit traders to safety

That The rapid failure of Silicon Valley Bank threatens to offset a recovery in credit markets that had lured investors back to even some of the riskiest corporate borrowers.

With phones ringing nonstop on credit trading desks on Friday as traders and money managers tried to grasp the potential fallout from the biggest U.S. bank collapse in more than a decade, investors across the globe rushed to derivatives markets that offered a hedge against losses, trading data showed.

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