Société Générale: Credit Strategy Outlook 4Q 2026 (Rolling with the Punches II)

Key Takeaways

• 1.Credit spreads are projected to remain rangebound for nearly two more quarters before widening gently through 2027.
• 2.European credit (EUR IG and EUR HY) is expected to outperform USD credit counterparts across the forecast horizon.
• 3.Primary bond supply is tracking at record pace, projected to reach over €900bn in 2026, well absorbed by robust investor demand.

Table of Contents

• 1 LESSONS FROM 2026 SO FAR
• 2 2026: FLATLINE
• 3 UNCERTAINTY MEANS STABLE SPREADS (AGAIN)
• 4 PRIMARY ON TRACK TO HIT NEW RECORD

Report data

SG Scorecard Remains Slightly Positive

Reports in this series

Credit Strategy Outlook is shown in chronological order through this edition, published on September 4, 2026.

1. Sep 32026 09 03 Credit Strategy Outlook 4Q2026 Rolling with the Punches II