The European Credit Strategist: Let’s get hyper

研报英文原文证据摘录

The European Credit Strategist: Let’s get hyper

deals

2H credit: it’s coming homeof over $20bn in the US corporate bond market. Perhaps no surprise that with all the

jumbo supply from hyperscalers, new issue oversubscription levels have been lower of The peace trade

late. And new issue “indigestion” has become more apparent. But not every market for

hyperscaler debt is the same. We find that hyperscaler bonds in Swiss Francs, Euros and No bubble trouble in bonds

CAD look to have been far less effected by the recent spate of jumbo new issuance.

CreditBook: Sun still shiningThey may offer shelter for investors as the tech bond primary machine rolls on.

A decade to remember Let’s get real

10yr cumulative returns: -19% for Japanese govies, -13% for German govies and HY Strategy: HYer for longer

-11.5% for French govies. Rare negative numbers for sovereign debt. But the 2020s are

Tech makes the world go roundproving to be inflationary times. For credit, though, 10yr cumulative returns now stand at

+14.5% for BBBs and +43% for BBs. A reminder that corporates can be more in control CreditBook: American Fever

of their balance sheets than perhaps governments can today, amid populist pressures.

Hikes…can take a hike

AI matters: long “hard” assets

Our BofA economics team recently published their new AI country dashboards. Outside Credit Investor Survey: All things

of the US and China, they flag the UK as another strong contender in the AI arms race. If private

that suggest more AI disruption coming to UK credit, then the Feb ’26 playbook says: If you like it bubbly…

buy “hard” assets (telcos, utilities, real estate etc.). We see this as a key way to position

in Sterling credit going forward. Peace out, risk on

CreditBook: Is it all over?

Deal or no deal?