Credit Calls

This report provides daily credit market commentary, covering BDC portfolio quality, foreign demand for USD IG bonds, and AI-related technology sector issuance. It also highlights upcoming credit implications regarding the USMCA trade agreement review.

Key Takeaways

• 1.BDC portfolios continue to be analyzed for 'bad PIK' (Payment-in-Kind) activity, defined as any PIK loan marked below 90%.
• 2.The JPM Foreign Attractiveness of USD IG Bonds (FAB) index fell 3bp to 52bp, driven by a 7bp decline in USD IG Corporate yields.
• 3.Technology sector issuance was heavy on AI infrastructure, though some projects (like Crusoe) faced reports of pause, signaling sustained demand.

Table of Contents

• Strategy & Sector Commentary
• US Automotive: Credit Implications of a Revised USMCA

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial