It is tax time in the U.S.

It was risk-on sentiment in the markets as a Spanish bond auction went off without a hitch.
Germany's ZEW index also came out strong pointing to improved investor optimism.
Apple stock recovered to close above $600 a share and it was off to the races in stocks with the S&P index closing +1.6% higher.
Somewhat surprisingly, Treasury bonds barely moved (Treasury bonds typically sell off when stocks rally and vice versa).
IMF (International Monetary Fund) projections for global economic growth were somewhat rosy.
Credit spreads for corporate and financial bonds tightened in tandem with stocks but flows remain light in secondary trading.
In CDS (credit default swap) index, there was a fair amount of short-covering with one dealer in particular selling index protection (getting long risk) in size.
The sovereign agency space was relatively active with USD-denominated primary bond deals from the Republic of Brazil and KFW (guaranteed by the Republic of Germany).
The primary bond pipeline in financial and corporate names was slower with a lone deal from auto parts retailer Autozone (and a hybrid preferred security from U.S. Bancorp).
It is tax time in the U.S. which raises an interesting observation.
With talk of higher taxes across much of the developed world, other countries are spotting an opportunity.
Turkey's Deputy Prime Minister Ali Babacan announced tax exemptions to lure funds and investment vehicles to Istanbul.
Other geographies such as Brazil and Singapore are considering similar moves.
While tax policy is simply one aspect of what attracts financial talent and know-how, it should nevertheless serve as a cautionary tale.