Schroders Credit Lens February 2026: your go-to guide to global credit markets
Spreads grind tighter as bond markets digest higher supply – but hyperscalers underperforming.
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Links to all three versions of the Credit Lens are provided below and at the bottom of the page.
– IG issuance in January was well above average. Higher issuance, driven by M&A and AI-related issuance, is expected to be a feature of 2026 (slides 4, 8, 38-39).
– Investors have shrugged off the increase in supply so far. Credit spreads have ground even tighter (slide 8, 28)
– The technology sector is an exception. The US IG hyperscalers (even excluding Oracle) have continued to underperform the overall market.
– The spread-difference for hyperscalers vs the market is now at its widest for at least 10 years (slide 7)
– The macro backdrop – reasonable growth and inflation, and rate cuts on the horizon – is supportive but tight valuations leave little room for error (slide 10)
– The yield pickup EUR bonds offer over USD bonds on an fx-hedged basis has compressed (slides 11-12)
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