But there was a continued focus on merger and acquisition activity.
Deutsche Telekom's credit protection cost widened 1 basis point on the day to 47 basis points. There is continued speculation that DT may launch a bid for O2, after Spain's Telefonica offered 17.7 billion pounds ($31.3 billion) for the British mobile phone operator on Monday.
That means it cost 47,000 euros to insure 10 million euros of DT debt against default on Tuesday. Telefonica's CDS were unchanged on the day at 48 basis points.
British glass maker Pilkington saw its credit default swaps recover after early widening to be unchanged on the day at 61 basis points.
Pilkington swaps had traded five basis points wider on Tuesday morning because of a Standard & Poor's threat to cut the ratings of the British company and its Japanese suitor Nippon Sheet Glass.
"It's been a very quiet day, industrials and high yield are also unchanged," said a credit trader in London.
Federal Reserve policymakers were set to nudge US interest rates higher for a 12th straight time on Tuesday, confident that expansion is on track but wary that costlier energy could fire dangerous inflation.
A formal announcement on the closely watched rate decision for the world's largest economy is expected at about 1915 GMT.
Ford and General Motors are scheduled to release October car sales data at 1800 GMT and 1900 GMT respectively.
The FTSE Euro Corporate Bond Index showed investment-grade corporate bonds in euros yielding an average 39.8 basis points more than similarly-dated government bonds at 1547 GMT, 1.2 basis points more on the day.
New issues were confined to the asset-backed market. In the UK, German bank Eurohypo plans to sell a 470 million pound ($835.7 million) bond backed by income from a loan it extended to UK property company MEPC, sources close to the deal said.
The Royal Bank of Scotland and UBS are the lead managers of the sterling denominated bond via Eurohypo's Opera programme.
Roadshows are running in Europe from November 2-8. The Eurohypo loan involved in the bond sale is secured by four of MEPC Ltd's business parks.
The Netherlands' NIB Capital Bank also plans to sell a 1.5 billion euro ($1.80 billion) Dutch mortgage backed security, a source close to the deal said on Tuesday.
He said roadshows will start the week of November 7, and pricing is expected during the week starting November 14. NIB is lead managing its own bond sale, along with BNP Paribas and Deutsche Bank.