Investment Grade Corporate Credit Dashboard: Not "Supplymaxxing" Yet

研报英文原文证据摘录

Investment Grade Corporate Credit Dashboard: Not "Supplymaxxing" Yet

July 23, 2026 06:41 PM GMT

M O R G A N S T A N L E Y R E S E A R C H

North AmericaInvestment Grade Corporate Credit Dashboard:

Morgan Stanley & Co. LLC

Not “Supplymaxxing” Yet Vishwas Patkar

• An Uneasy Equilibrium: IG spreads widened in June from the tights as the market absorbed heavy StrategistVishwas.Patkar@morganstanley.com

supply. While the index level move was shallow, there was significant bifurcation under the surface as +1 212.761.8041

hyperscaler spreads widened 11bp, in June and are now 25bp wider on the year. Overall, IG supply is Christina Sigler

up 36% vs. last year, but in DV01 terms, the increase is even more pronounced (+47%). Strategist

Christina.Sigler@morganstanley.com

• AI Debt Financing Tracker: June brought a heat wave to the credit markets and overtook April as +1 212.761.4116

busiest month YTD with $77bn of AI-related supply across all credit markets. Issuance broadened out

beyond hyperscalers to other megacaps that are AI-related, and recent deals trade wider than pricing MorganLimited+Stanley India Company Private

levels. Our equity analysts increased their capex numbers, which continues to suggest elevated Yagyesh Modi

issuance into 2H. StrategistYagyesh.Modi@morganstanley.com

• Supply: June issuance was +90% y/y at $239bn, the third largest month this year, aided by two $25bn +91 22 6293-5945

deals in the second half of the month. July has also been strong, with two $50bn+ weeks in a row and Mayank Verma

another $25bn deal. YTD issuance stands currently at $1,421bn, +36% y/y. Strategist

Mayank.Verma@morganstanley.com

• Ratings Migrations: Positive ratings migration trends continued as June had more upgrades ($88bn) +91 22 6995-3508