Main takeaways from our Credit 2026 Outlook Survey

152 total answers received between the 7th and the 20th November 2025: thanks for your amazing contributions!1/ Risk is seen as asymmetric towards a widening, for both credit indices and cash marketsAlthough investors believe technicals will remain rather supportive in 2026 with decent inflows expected again for credit funds, while they feel comfortable regarding credit quality (particularly for financials), more than 50% believe too tight valuations will lead to a spread correction next yearThe Tech/AI bubble fear is seen as the major risk for credit markets, far above fiscal policies, geopolitics and above all macro and idiosyncratic risks turning systemicFor banks, investors will mainly watch out M&A risks, while asset quality might be the leading theme for Tier 1 capital2/  Investors clearly prefer financials vs corporates for next year, and AT1s among High BetasHigh Yield non-financials is the least preferred asset class, followed by Corporate Hybrids, echoing the valuation issue raised earlierAmong High Betas, investors would choose AT1s first, which perfectly fit with recent order books (€7.5bn for the DB)Despite not fearing trade war and recession risks, investors adopt a defensive approach regarding their sector allocation, with a large preference for non-cyclicals (after financials), at the expense of Autos above all and other cyclicals to a lesser extent3/  Appetite for country diversification and cautious approach on FranceStrong appetite for diversification into CCE as well as outside Europe too (Australia, Canada). After France, clients are rather sellers of credits from Austria and the UK4/ More Green bond investments in 2026, less SLBs, no preferential treatment so far for EuGBs