Opportunities in Recent Issuance - Bond Markets

UBS reports robust bond issuance in April and May 2026, identifying attractive opportunities in the primary market for IG and HY bonds across financials, technology, and real estate.

Key Takeaways

• 1.Primary market activity in bond markets remained strong through April and May 2026, driven by 'reverse Yankees' and high levels of hybrid bond issuance.
• 2.Investor demand is robust enough to absorb heavy supply, with order books averaging 4.0 times oversubscribed and minimal new issue concessions.
• 3.Select value is found in recent IG and HY issuances within the financials, real estate, technology, and consumer staples sectors.

Table of Contents

• US supply and hybrids boost primary market
• Opportunities in recent issuance
• Company descriptions
• UBS CIO risk views
• UBS CIO valuation views
• Required Disclosures

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