欧美信贷每周图表包：信贷市场概述

European and US Credit:Weekly ChartpackAn overview of credit markets Fixed IncomeCredit ◆Last week saw a continued risk on move with a clearoutperformance of HY relative to IG across cash and CDS Tom Russell, CFACredit StrategistHSBC Bank plcthomas.russell@hsbc.com+44 20 3359 5666 ◆Within IG, subordinated debt & Autos performed well, whileHealthcare andthe long end continued to lag the rally Song Jin Lee, CFAEuropean & US Credit StrategistHSBC Bank plcsongjin.lee@hsbc.com+44 20 7991 5259 ◆Weaker risk sentiment and higher rates vol could weigh onspreads following Moody’s downgrade of the US credit rating Dominic KiniGreen Bond & Credit StrategistHSBC Bank plcdominic.kini@hsbcib.com+44 20 7991 5599 Continuing the trend from the end of the previous week, last week saw a strong riskon move across markets. In both bond and CDS indices we saw HY outperform IG,as well as USD spreads rallying more strongly thanEuropean peers (p1). Curvescontinued to steepen whether you look at EUR (p6), USD (p14) or GBP (p22).Autoswas the top performing sector in both USD IG & GBP IG, with the sector only justbeatentothetop spot in EUR IG by Banks (p8).Healthcare lagged followingnegative headlines around US drug pricing in recent days (Bloomberg, 12 May). With spreads across credit markets recovering over the last month, we had expectedinflows to pick up. We have previously noted (The Credit Corner: 50-50, 8 January2025), that the correlation between flows and performance is typically strongest witha 1m lag to flows, ie flows follow performance rather than vice versa. Last week sawa continued recovery of inflows into EUR credit funds(p30), which makes sensegiven the recent rally,with spreads now back below their end-2024 levelsin EUR IG. Nevertheless, we do not think credit is fully out of the woods. Tariffs aside, last Fridayalso sawMoody’s downgradeofthe US credit ratingfrom AAA to AA1(Bloomberg,16 May 2025).This places US fiscal health back into the spotlight, and the resultingnegative narrative would likely weigh on broader risk sentiment. Beyond that, thebiggest spillover into credit spreads would likely come from higher rates volatility,rather than any forced liquidation or increase in sovereign credit risk, in our view. HSBC Global Research Podcasts Listen to our insights Find out more Issuer of report:HSBC Bank plc Disclosures & DisclaimerThis report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBC Global Research at:https://www.research.hsbc.com Spotlight: YTD performance of key strategies SeeGlobal Credit Outlook 2025: Waiting in the wings(18 November 2024) for further details. Contents EUR Credit4 Headline Performance4Best & Worst IG Performers5Curves61W Heatmaps8YTD Heatmaps9New Issue Performance10 USD Credit12 Headline Performance12Best & Worst IG Performers13Curves141W Heatmaps16YTD Heatmaps17New Issue Performance18 GBP Credit20 Headline Performance20Best & Worst IG Performers21Curves221W Heatmaps23YTD Heatmaps24New Issue Performance25 CDS Indices26 Bollinger bands26Basis27Skew28Volumes29 Fund Flows30 Cross-currency hedged yields31 Issuance & forecasts 32 Accounting fundamentals 35 Recent Reports Disclosure appendix Disclaimer39 EURCredit Headline Performance Curves 1W Heatmaps EURRatings YTD Heatmaps EURRatings New Issue Performance USDCredit Headline Performance Curves 1W Heatmaps USDRatings YTD Heatmaps USDRatings New Issue Performance GBPCredit Headline Performance Curves 1W Heatmaps GBPRatings YTD Heatmaps New Issue Performance CDS Indices Bollinger bands Source: HSBC calculations,iBoxx Basis Skew Source: HSBC calculations,iBoxx. Skew = traded minus theoretical. Source: HSBC calculations,iBoxx. Skew = traded minus theoretical. Source: HSBC calculations,iBoxx. Skew = traded minus theoretical. Volumes Fund Flows Cross-currency hedged yields Issuance& forecasts Source: HSBC calculations, Dealogic Source: HSBC calculations, Dealogic Source: HSBC calculations, Dealogic Source: HSBC calculations, Dealogic Source: HSBC calculations, Dealogic Source: HSBC calculations, Dealogic Source: HSBC calculations, Dealogic Source: HSBC calculations, Dealogic Source: HSBC calculations, Dealogic Accounting fundamentals Source: HSBC calculations,LGESDatastreamNote: Non-financial corporates; country buckets represent companiesdomiciled/headquartered in those countries Recent Reports Disclosure appendix Analyst Certification The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed i