Credit Outlook for year-end: focus on Banks, Energy and Corp Hybrids

The following document is coming from our Credit Webinar released on 1st October 2025. Credit Allocation:- Technicals have been sharply supporting credit spreads over the past few months... but fundamentals have also driven the tightening trend : improvement in credit conditions, rating migration and default rates.- After reviewing the risks associated to France in a credit allocation (spread sensitivities, share of French credits in iBoxx indices), we conclude on a recommended credit allocation for year-end:i/ It's time to take profit on Corp. Hybrids after their great performance since May 2...

9月の米国債需給アップデート

RATES Weekly : US shutdown and Dutch pension funds

EUR rates:Recap of the week:  Bull market for € and $ rates, but a different trajectory for the curve, which is steepening in the US and flattening in the eurozone. ECB considers well positioned with a DFR at 2%, in a context of a rebound in the cycle in the eurozone. Nevertheless, the prospect of an undershoot of the inflation target remains firmly on the radar of investors. The long end of the euro curve has also attracted renewed attention. With Bouw and PFZW and now PMT, three of the largest Dutch pension funds (approximately €400 billion in AuM) are in the running to transition to the new...