Credit Strategy Weekly

Fixed income markets posted a resilient performance this week, even as equities struggled and record heat waves hit Europe. Societe Generale maintains a cautious stance, preferring IG over HY as the market enters the 2Q earnings cycle.

Key Takeaways

• 1.Credit markets remain stable, but the team prefers to stay Overweight Investment Grade (IG) relative to High Yield (HY).
• 2.Primary market activity remains robust, with volumes YTD standing at €520bn, outperforming the same period last year.
• 3.Upcoming 2Q earnings season is the next key monitorable for potential corporate releveraging trends.

Table of Contents

• Credit Strategy Weekly
• Contents
• Summary
• Macro and single-name strategies
• Macro strategy
• Strategy Scorecard
• The week ahead
• Market review and outlook
• Market review
• iTraxx and CDX markets
• Cash markets
• Primary markets
• Investment grade
• High yield
• Senior financials
• Sub financials
• Green and SLB issuance

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