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US Dollar Credit Supply: Revising our forecasts marginally higher
We revise our corporate supply forecast slightly higher to US$650bn and don’t expect any further USD spread outperformance. Net supply this year will still be low, but we revise our forecast modestly higher to US$650bn on the back of slightly heavier supply seen in the first six months of this year. Year-to-date supply is currently sitting at US$452bn but we still expect supply to slow down in the second half of this year as significant prefinancing has been done and many issuers will be looking forwards to potential rate cuts in 2024. In terms of spread levels, we don’t expect any further USD spread ... (full story)