Global Credit: What We’re Watching

研报英文原文证据摘录

Global Credit: What We’re Watching

June 15, 2026 06:23 PM GMT

GLOBAL CREDIT STRATEGY

M O R G A N S T A N L E Y R E S E A R C HGlobal Credit: What We’re Watching Global

US Investment Grade: Spreads remained in the tight range observed since late May, with excess returns last week reaching 0.1%. Spreads were tighter across the

Morgan Stanley & Co. LLC

curve, with a modest outperformance of the front-end. Across ratings, A rated bonds outperformed. Basic industry, services, real estate delivered the strongest

Vishwas Patkar

excess returns, while tech and telecoms lagged. US IG funds saw $4.7bn of net inflows last week, lifting YTD flows to +$74bn. Primary market activity was steady,

Strategist

with $27bn of bonds pricing last week. YTD supply is tracking at $1,126bn (+29% YoY). Vishwas.Patkar@morganstanley.com

+1 212 761 8041

US Leveraged Credit: HY spreads widened by 1bp, but excess returns for the week were still positive (+0.2%). Loans modestly underperformed, with spreads

widening by 4bp and total returns down 0.1% on the week versus +0.4% in HY. Within HY, Bs outperformed. Within HY, technology and energy outperformed, while Morgan Stanley & Co. International plc+

transport and consumer goods lagged. HY funds reported net inflows of $490mn (-$5.7bn YTD), while loan funds saw net inflows of $300mn last week (+$3.8bn Aron Becker

YTD). Both HY and Loans recorded $6bn of issuance last week. YTD issuance now stands at $165bn (+37% YoY) in HY and $195n (-6% YoY) in loans. Strategist

Aron.Becker@morganstanley.com

EU Investment Grade: European credit modestly underperformed the US, with sideways spreads and flat excess returns. 5y+ bonds and better rated bonds +44 0(207) 677 0754

modestly underperformed. Real estate and utilities outperformed, while media lagged.