Recurring series

Global Credit Trader

Finvaulta tracks 9 editions of Global Credit Trader from Goldman Sachs, published between July 2, 2026 and October 1, 2026. Each edition is summarized on its own page.

Latest edition · October 1, 2026

Global Credit Trader Completing our IG and HY Supply Outlook

Goldman Sachs outlines its completed corporate credit supply and spread forecasts for USD and EUR markets across 2026 and 2027. While modest year-end tightening is expected, near-term risks skew toward spread widening amid high rates volatility, AI project financing supply, and French fiscal concerns.

USD and EUR corporate bond spreads recently approached Goldman Sachs' 3Q2026 targets after widening in late September due to rates volatility and heavy issuance pipelines. While year-end 2026 spread targets reflect modest seasonal tightening into late December, the authors see downside risks tilted toward further widening between now and early December. France's fiscal trajectory has pushed 10-year OAT-Bund spreads to ~130bp, prompting an underweight recommendation on French financials. On the supply front, the analysts revise 2026 USD HY gross supply down to $340 billion before accelerating to $375 billion in 2027, while projecting EUR IG gross issuance to reach €850 billion in 2026 and €900 billion in 2027, propelled by low equity-funded strategic M&A and expanding AI infrastructure debt.

Read the latest edition in full

Key takeaways from the latest edition

1.Credit spreads in USD and EUR IG and HY weakened into quarter-end targets, with risks remaining skewed toward further widening between now and early December due to elevated rates volatility and heavy supply.
2.French sovereign fiscal risks have widened 10-year OAT-Bund spreads to ~130bp, prompting an underweight recommendation on French financials, which bear the brunt of sovereign repricing.
3.USD HY gross supply forecast for full-year 2026 was revised down to $340 billion ($120 billion net), while 2027 gross issuance is projected to accelerate to $375 billion ($115 billion net), driven by AI-related project financing and 2029 maturity wall pre-funding.

What this series covers

Completing Our IG and HY Supply Outlook
Spreads (finally) reach our targets—risks skewed toward more widening
France: Fiscal risk is becoming a credit differentiation story, with financials most exposed
IG and HY supply forecasts for 2027
USD HY
EUR IG
EUR HY
Forecast dashboard: Spreads, returns, issuance, defaults, and ratings migrations
Forecast dashboard: Relative value views
Performance dashboard: Cash and synthetic markets
Valuation dashboard: Percentile ranks for spreads and yields
Performance dashboard: Leveraged Loans
Performance dashboard: Bond-level dispersion
Relative value dashboard: Excess spreads in the USD and EUR markets
Valuation dashboard: CLOs
Microstructure dashboard: Liquidity conditions in the USD secondary bond market
Flow dashboard: Upcoming coupon and principal payments
Primary market dashboard: USD gross issuance
Primary market dashboard: EUR gross issuance
Primary market dashboard: Use of proceeds
Primary market dashboard: Net issuance
Primary market dashboard: AI-related issuance for the USD and EUR markets
M&A volume
Primary market dashboard: CLO creation and refinancing
Primary market dashboard: Maturity walls
Default and ratings migration dashboard: Default trends, upgrades and downgrades

Edition archive

Series at a glance

Editions tracked: 9
First edition: July 2, 2026
Latest edition: October 1, 2026

All Goldman Sachs research

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