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Schroders Credit Lens September 2026: your go-to guide to global credit markets
Credit spreads spent much of the 1940s, 50s and 60s at similar/tighter levels than today. Could this repeat?
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Links to all three versions of the September 2026 Credit Lens are provided below and at the bottom of the page.
Summary:
Credit spreads spent much of the 1940s, 50s and 60s at similar/tighter levels than today. Could this repeat (slides 5-14)?
- Current credit spreads offer little margin of safety but absolute yields continue to attract investors (slides 15-17).
- Spreads on AI-related high yield issuers have widened sharply even as the rest of the market has tightened (slide 18)
- This contrasts with the (investment grade) hyperscalers, whose spreads have recently fallen vs the market (slide 19)
- Large amounts of issuance remains a theme but so far it is being met by demand (slides 20, 49-50)
Read more in this recent article here: How expensive are credit spreads, really? A 100-year analysis. (An edited version of this appeared first in the Financial Times' FT Alphaville)
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