European Credit Strategy: Credit Supply Monitor

研报英文原文证据摘录

European Credit Strategy: Credit Supply Monitor

Deutsche Bank

Research

Global Credit Strategy Date

1 July 2026

European Credit

Strategy

Credit Supply Monitor

Cem Keltek

European Credit Strategist

€IG issuance slowed to €70bn in June with most of the slowdown driven by Non- +49-69-910-48370

Financials where Reverse Yankee issuance dropped to almost a quarter of May's Emilie Calder

volumes. That was still enough to keep Non-Financials ytd net supply in line with '24 European Credit Strategist

and '25. But €7bn of net supply did not meaningfully change the picture for +44-207-330-7500

Financials where ytd net supply remains the lowest since '18. NIPs are still skewed Steve Caprio

towards the lower end of their ranges and show demand remains in place for now. Head of European and US Credit Strategy

But relatively low oversubscription levels also suggest that investors are hardly +44-20-754-16176

excited about buying into €IG at current levels. And as we laid out in Nowhere to

Asim Kaul

Grind a benign market backdrop over the summer should not be taken for granted

Research Associate

as we enter the summer lull.

Activity in €HY primary picked up in June with €18.1bn of benchmark bonds Nipun Dhoble

(€15.6bn thereof in Non-Fin Seniors) marking an increase of €4.5bn vs. May. That

also makes ytd gross benchmark issuance of €79bn a very close second to '21 -

thanks also to record volumes in HY-rated hybrids (€15.3bn). Net supply in Non-Fin

Seniors grew even faster and ytd volumes now even slightly exceed '21's record

volumes thanks to a re-acceleration of loan to bond refinancings. In line with the

usual patterns, we expect activity to decline into the summer. That said, compared

to IG where July is usually the quietest month in summer, we still expect moderate