摩根士丹利：全球信贷-我们关注的焦点

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - US Investment Grade (IG) spreads tightened by 9 basis points (bp) last week, resulting in an excess return of 56 bp, with media, energy, and basic industry sectors performing best [1] - US High Yield (HY) spreads tightened by 38 bp, leading to an excess return of 104 bp, with transportation, retail, and energy sectors delivering the highest returns [2] - US Leveraged Loans saw spreads tighten by 12 bp, with a total return increase of 62 bp, marking the first week with over $1 billion in inflows since February [3] - EU Investment Grade spreads tightened by 5 bp, resulting in an excess return of 25 bp, with insurance, media, and energy outperforming [4] - EU High Yield spreads ended the week 20 bp tighter, translating into an excess return of 56 bp, with CCC rated bonds outperforming [4] - Asia and APAC credit spreads tightened by 3 bp and 2 bp respectively, with high yield credit spreads for Asia tightening by 12 bp [4] Summary by Sections US Investment Grade - Spreads tightened by 9 bp, excess return of 56 bp, with inflows of $3.2 billion for the week and $798 billion YTD issuance, up 6% YoY [1] US High Yield - Spreads tightened by 38 bp, excess return of 104 bp, with inflows of $2.6 billion for the week and $93 billion YTD issuance, down 28% YoY [2] US Leveraged Loans - Spreads tightened by 12 bp, total return increased by 62 bp, with $1.2 billion inflow for the week and $169 billion YTD issuance, down 18% YoY [3] EU Investment Grade - Spreads tightened by 5 bp, excess return of 25 bp, with net inflows of $1.2 billion for the week and €312 billion YTD issuance, up 4% YoY [4] EU High Yield - Spreads tightened by 20 bp, excess return of 56 bp, with net inflows of $411 million for the week and €48 billion YTD issuance, down 18% YoY [4] Asia Credit - Asia credit spreads tightened by 3 bp, APAC by 2 bp, with high yield credit spreads for Asia tightening by 12 bp [4]