Market Wrap-Up: Tight Spread but High Yields Keep Markets Guessing – Société Générale Credit Daily

Key Takeaways

• 1.Credit spreads have widened 6bp in September to 97bp over benchmarks, yet remain historically tight at one standard deviation below the long-term mean.
• 2.Despite tight spreads, absolute yield on the iBoxx Corporates index is at 4.31%—the highest level of the year—making credit attractive compared to prior decades.
• 3.Primary bond issuance remains resilient and ahead of pace, reaching €92.8bn month-to-date in September, €2.1bn higher than September of the prior year.

Table of Contents

• Market highlights
• Today's new issues
• Market thoughts
• iBoxx Corporates spread to benchmarks at one standard deviation below the mean
• iBoxx Corporates yield
• Sharpe ratios show credit is still more attractive

Report data

iBoxx Corporates spread to benchmarks at one standard deviation below the mean

Reports in this series

Market Wrap-up is shown in chronological order through this edition, published on September 23, 2026.

Part of the Market Wrap-up series — view all 11 editions

1. Sep 15Credit Market Wrap up The bear case for credit
2. Sep 16Credit Market Wrap up The bullish case for credit II
3. Sep 21Credit Market Wrap up Default rates move in opposite directions, but does it matter
4. Sep 22Credit Market Wrap up Heavy Tech issuance is not enough to overwhelm the credit markets