摩根士丹利：全球信贷策略_我们关注的要点

Investment Rating - The report does not explicitly state an overall investment rating for the industry Core Insights - US Investment Grade (IG) spreads tightened by 8 basis points (bp) last week, resulting in an excess return of 54 bp, with 5-10 year bonds outperforming across the curve [2] - US High Yield (HY) spreads tightened by 24 bp last week, leading to an excess return of 68 bp, with single Bs outperforming [3] - US Leveraged Loans tightened by 3 bp, with total returns increasing by 31 bp and net inflows of $810 million [4] - EU Investment Grade spreads tightened by 7 bp, resulting in an excess return of 33 bp, with leisure, telecoms, and healthcare sectors delivering the highest returns [5] - EU High Yield spreads tightened by 2 bp, leading to an excess return of 12 bp, with CCC rated bonds outperforming [6] - In Asia, credit spreads narrowed by 14 bp, with high-yield segments experiencing a 61 bp tightening [7] Summary by Sections Global Credit Snapshot - US IG current spread is 77 bp, down 8 bp week-over-week, with a 1-year return of 7% [12] - EUR IG current spread is 87 bp, down 6 bp week-over-week, with a 1-year return of 3% [12] - Asia IG current spread is 72 bp, down 4 bp week-over-week, with a 1-year return of 9% [12] Performance Across Asset Classes - US HY current spread is 268 bp, down 24 bp week-over-week, with a 1-year return of 8% [12] - EUR HY current spread is 302 bp, down 2 bp week-over-week, with a 1-year return of 19% [12] - Asia HY current spread is 353 bp, down 69 bp week-over-week, with a 1-year return of 1% [12] Global Credit Demand - US IG saw net inflows of $5.75 billion last week, totaling $26.1 billion year-to-date [2] - EU IG funds experienced net inflows of $3.1 billion over the week, totaling $30.9 billion year-to-date [5] - US HY inflows slowed to $800 million, with year-to-date inflows at $9.9 billion [3] Global Credit Supply - US IG issuance reached $8 billion last week, with year-to-date supply tracking at $1 trillion, representing an 8.0% year-over-year increase [2] - EU IG issuance reached €7 billion last week, with year-to-date volumes at €430 billion, reflecting a 15.0% year-over-year increase [5] - US Leveraged Loans year-to-date issuance stands at $220 billion, down 23.8% year-over-year [4]