This report provides daily credit market analysis, highlighting rising foreign demand for US High Grade bonds and strong but moderating corporate fundamentals. It also covers developments in the technology sector and specific company-level rating updates.
Key Takeaways
- 1.The JPM Foreign Attractiveness of USD IG Bonds (FAB) index rose to 55bp, its highest level since April 2025, driven by higher corporate yields and lower hedging costs.
- 2.US High Grade credit fundamentals remain strong with Revenue and EBITDA growth, though EBITDA margins have seen modest erosion.
- 3.The AI trade faced temporary headwinds due to Broadcom's outlook, but cloud-related AI deals continue to drive momentum in the technology sector.
Table of Contents
- Strategy & Sector Commentary
- Company Comments
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Authors
Tarek Hamid
Securities
AVGOSherwin-WilliamsGOOGL
Themes
AI Trade MomentumCorporate Margin CompressionForeign Demand for US IG Bonds
Regions
North AmericaUnited States