US Information Services: Adjusting 2Q Estimates with Outlooks Generally Solid; Time for the AI Narrative to Change?

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US Information Services: Adjusting 2Q Estimates with Outlooks Generally Solid; Time for the AI Narrative to Change?

Global Research

7 July 2026ab

US Information Services Equities

AmericasAdjusting 2Q Estimates with Outlooks Generally

Solid; Time for the AI Narrative to Change? Diversified Financial

Alex Kramm, CFA

Analyst

alex.kramm@ubs.com

Adjusting 2Q estimates; expect beats for MSCI and MORN +1-212-713 4060

We are adjusting estimates primarily to account for stronger than-expected-equity Nassime Bildman, CFA

market performance and forecast the largest beats for MSCI and MORN. For MSCI, we Analyst

see upside from strong markets and continued sales momentum. For MORN, we are nassime.bildman@ubs.com

tweaking estimates higher for the Credit business and continue to forecast solid revenue +1-212-713 1451

growth and a significant margin beat. SPGI headline results could be a bit messy post Abbie Erler

Mobility spin, but we expect multiple expansion on a more focused business mix. We Associate Analyst

expect AI to remain a topic of discussion heading into 2Q reports. With long-term abbie.erler@ubs.com

growth rates well discounted, any signs of AI benefits could be well received +1-212-713 4186

UBS-adjusted issuance up 6% y/y in June; 2Q finished up 18% y/y

UBS-adjusted debt issuance volume in June (assuming 2Q25 MCO revenue mix) was up

6% y/y. In the 2Q, UBS-adjusted issuance volume finished up 18% y/y, driven mostly by

very strong growth in investment grade issuance. Corporate issuance was mostly up

with IG (+46% y/y), HY (+15% y/y) and leveraged loan (+35% y/y) issuance up

significantly. Structured product issuance was mostly higher (ABS +10% y/y, RMBS

+15% y/y, covered bonds +40% y/y, CDO +15% y/y and CMBS down slightly) in the 2Q.