European and US Credit: Weekly Chartpack An overview of credit markets

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European and US Credit: Weekly Chartpack An overview of credit markets

22 June 2026

European and US Credit: FixedCredit Income

Weekly Chartpack

An overview of credit markets

◆ Risk appetite was supported by gradual progress on peace Tom Russell, CFA

talks, with discussions to continue this week Credit Strategist HSBC Bank plc

thomas.russell@hsbc.com

◆ The FOMC’s economic projections and Chair Warsh’s press +44 20 3359 5666

conference skewed hawkish on Wednesday Song Jin Lee, CFA

European & US Credit Strategist

HSBC Bank plc

◆ EUR Autos were a notable laggard following a profit songjin.lee@hsbc.com

warning – we remain underweight the sector +44 20 7991 5259

Dominic Kini

Green Bond & Credit Strategist

Last week kicked off with news around a US-Iran memorandum of understanding, HSBC Bank plc

which contained a commitment from both sides to further talks to reach a final dominic.kini@hsbcib.com

+44 20 7991 5599

agreement over the next 60 days, and also discussed reopening the Strait of Hormuz

and the US lifting sanctions on Iran (Bloomberg, 17 June). This saw spreads begin

the week by rallying, most markedly in EUR credit (p5) as well as USD HY (p11).

This momentum was then waylaid slightly by the FOMC meeting on Wednesday. In

his first meeting as FOMC chair, Kevin Warsh unveiled a shorter policy statement

with less forward guidance on rates. Even though policy rates were unchanged, a

divided FOMC with an emphasis on inflation saw a hawkish market reaction. USD IG

bear steepened slightly as long-end spreads leaked wider (p14). We are less

concerned about the impact of a more hawkish Fed on corporate earnings and more

focused on how tighter financial conditions might affect access to capital across

different corporate segments.