June 24, 2025 12:23 PM GMT GLOBAL CREDIT RESEARCH Morgan Stanley Asia Limited+ Kelvin Pang Strategist kelvin.pang@morganstanley.com +852 2848 8204 Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst ...

June 2, 2025 01:40 PM GMT GLOBAL CREDIT STRATEGY Global Credit: What We're Watching M O R G A N S T A N L E Y R E S E A R C H US Investment Grade: Spreads tightened by 3bp last week, resulting in excess return of 32bp. Curves bull flattened, and BBBs outperformed. Media, telecoms and retail delivered the best performance while basic industry, automotive and services lagged. IG funds saw $1.9bn in inflows for the week (+$12.6bn YTD). Weekly supply reached $24bn, raising YTD issuance to $866bn (+7.4% YoY). US ...

V i e w p o i n t | 08 May 2025 13:30:14 ET │ 19 pages Global Credit Derivatives Strategy Financials are Key to Trading inside of CDX IG CITI'S TAKE The iTraxx Main-CDX IG compression call from our 2025 Outlook reached our initial parity target, providing an opportunity to revisit the trade. Macro and fundamental trends over this year embolden us to seek further upside and we retain our Main preference over IG. We initiate an options relative value trade between iTraxx Senior Fins and CDX IG as another way ...

April 14, 2025 07:00 AM GMT Global Credit Brief M Global Idea A Pause, Not an End A quick rundown of our global credit research, including our thoughts on the 'pause', large outflows, tight spreads in Asia IG, and latest sector credit research. This isn't normal: Last week saw abnormal moves more typical of bear markets. With our estimates for global growth continuing to move lower and a view that Fed cuts are further away, it is too early to turn constructive, despite signs that the US administration may a ...