Report published September 24, 2026

Credit Strategy Weekly: Hopefully Not a False Dawn – Société Générale

Société Générale · September 24, 2026

Credit markets drifted gently wider over the week, dragged down by heavy selling and yield surges across sovereign bonds following strong PMI releases. Corporate fundamentals and primary issuance remain robust, with overall EUR issuance surpassing €700bn at a record pace.

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Finvaulta summarizes Société Générale's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Credit markets are functioning as a passenger to sovereign bond volatility sparked by upside macro surprises and elevated oil prices.
2.Year-to-date primary debt issuance crossed the €700bn mark at a record pace (€706.3bn YTD), despite momentum slowing midweek post-rates sell-off.
3.Strategists recommend an overweight in EUR IG relative to USD and HY, favoring high-beta segments, Financials, Utilities, Real Estate, and Corporate Hybrids, while staying underweight Non-financials and Retail.

Macro and single-name strategies
Strategy Scorecard
The week ahead
Market review and outlook
Primary markets
Investment grade
High Yield
Senior financials
Sub financials
Green and SLB issuance

Report data

Still drifting wider

Metric	Estimate	Context
EUR IG Index Spread to Benchmarks	99 bp	Widened 3bp on the week to 99bp, extending the bear widening seen since August.
EUR IG Index Yield	4.46%	EUR IG yield reached the highest level since October 2023.
EUR HY Index Spread to Benchmarks	322 bp	iBoxx HY Corporates index closed at 322bp, up 21bp month-to-date.
Year-to-date Total Debt Issuance	706.3 EUR bn	Total market issuance crossed the €700bn mark at the fastest pace on record.
10-year US Treasury Yield	5.17%	US 10-year Treasury yield climbed from 5.00% to 5.17% over the week.