Credit Strategy Weekly

Latest edition · September 24, 2026

Credit Strategy Weekly Hopefully not a false dawn

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.

Credit market spreads continued their gentle widening trend as global sovereign bond markets suffered sharp sell-offs triggered by upside US and European PMI surprises and elevated oil prices. Despite the rate volatility pushing 10-year Treasury yields above 5.1% and Bunds to 3.55%, credit fundamentals remain solid, and primary issuance crossed €706.3bn year-to-date at a record pace. Societe Generale maintains an overweight stance on EUR IG over USD and HY, particularly favoring Financials, Corporate Hybrids, Utilities, and Real Estate while remaining underweight broader Non-financials.

Key takeaways from the latest edition

• 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.

What this series covers

• 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

Edition archive

• Credit Strategy Weekly Hopefully not a false dawn

  September 24, 2026

• Credit Strategy Weekly It's not really over yet

  September 18, 2026

• Credit Strategy Weekly Can yields give US a breather please

  September 11, 2026

• Credit Strategy Weekly Under fire on multiple fronts

  July 24, 2026

• Credit Strategy Weekly Isn’t August the hottest month in Europe

  June 26, 2026