The European Credit Strategist: The peace trade

Research evidence excerpt

The European Credit Strategist: The peace trade

the front-end

of the Euro yield curve remains steep, we see little chance of ECB hikes “breaking” the HY Strategy: HYer for longer

credit market. Retail investors should continue to see tantalising opportunities moving

Tech makes the world go round

out of “cash”, and into the corporate bond market. Inflows will continue apace.

CreditBook: American Fever

Hello, world!

The future is bright. Hyperscalers, data centers, renewables, defense spending…the list Hikes…can take a hike

goes on of capex-driven debt financing needs. This should propel credit markets to even Credit Investor Survey: All things

greater sizes over the years ahead. More than ever before, companies will need to lean private

on all global bond markets for issuance avenues. Primary records have already been

broken in the Canadian Dollar, Swiss Franc and £ credit markets in ‘26. Looking ahead, If you like it bubbly…

investors’ relative value opportunity set has arguably never been greater (chart 18).

Peace out, risk on

Hyping it up CreditBook: Is it all over?

For many years, sub financials offered investors some of the best beta in the credit

market. But things change. Today, sub fins beta is close to a decade low, reflecting the Deal or no deal?

much-improved fundamentals of the sector. What’s taking its place? Hyperscaler debt is

Who let the hawks out?starting to offer investors some impressive beta, especially in light of the sector’s high

single-A ratings. Spreads remain conspicuously cheap versus the rest of the market. Audio discussion: Can we keep it

private?

A final look at Q1 ’26 fundamentals

EBITDA was down 0.2% QoQ, BBB leverage ticked-up, but margins improved (page 7). Strait talking

Can credit and oil mix?