Opportunities in Recent Issuance: UBS Investment Grade Credit Strategy

Key Takeaways

• 1.Primary bond markets reopened aggressively following the summer break, with year-to-date IG issuance reaching USD 3.41tr and nearing 2025's full-year total.
• 2.Investor demand for corporate credit remains solid, aided by fund inflows and average order book oversubscription of 4.5x, though selectivity is rising.
• 3.Tech issuance remains episodic with hyperscaler supply widening spreads, whereas broader IG markets present attractive opportunities across financials, defensive, and cyclical sectors.

Table of Contents

• Opportunities in recent issuance
• Issuers waste no time
• Figure 1 - Appealing new issues
• Figure 4 - Appealing new issues - analyst commentary
• Figure 5 - Select EUR bonds (senior)
• Figure 6 - Select EUR bonds (subordinated)
• Company descriptions
• 3M
• AstraZeneca (Core)
• BNP Paribas (Core)
• Danone (Core)
• FedEx
• Glencore (Preferred)
• HSBC Holdings (Core)
• Intercontinental Hotels (Core)
• KBC Group (Core)
• La Mondiale
• Nykredit (Preferred)
• Teva
• Figure 7 - Issuers mentioned in this report
• Figure 8 - Additional risk statements
• 12 month rating history
• UBS CIO risk views
• Credit risk flags
• Issuer credit outlook
• UBS CIO valuation views
• Relative value bond recommendations
• Sell recommendations
• Issuer valuation views

Report data

Figure 1 - Appealing new issues — as of September 24, 2026.

Reports in this series

Bond markets is shown in chronological order through this edition, published on September 24, 2026.

Part of the Bond markets series — view all 12 editions

1. Aug 5Bond markets en 1664101
2. Sep 8Bond markets en 1666140
3. Sep 9Bond markets en 1665478
4. Sep 18Bond markets en 1666681