Bond Markets

Credit markets have proven resilient to rate volatility and macro uncertainty. Investors are encouraged to focus on selective, high-quality corporate bonds that provide attractive carry while maintaining caution on cyclical or energy-intensive sectors.

Key Takeaways

• 1.Credit markets have remained resilient despite rate volatility, with carry still attractive.
• 2.Investors should remain selective due to tight spreads; focus on short- to medium-term maturities of high-quality issuers.
• 3.Recommended issuer credit outlook changes include upgrades for BP, Rakuten, and Eli Lilly, and a downgrade for Motability.

Table of Contents

• Bond markets
• Spreads resilient despite rate volatility
• Value for selective investors
• Focus on quality carry
• Key recommendation changes
• Recommendations
• Key stories
• Issuers in our coverage universe
• Company comments

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