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Schroders Credit Lens March 2026: your go-to guide to global credit markets
How did credit spreads behave the last time oil prices spiked?
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Links to all three versions of the Credit Lens are provided below and at the bottom of the page.
Note that market conditions are evolving rapidly. The credit spread charts on slides 4, 5, 13 and 15 of the summary section have been updated as at 12 March 2026. All others are as at 28 February 2026, unless stated otherwise
- Credit spreads have risen from the lows – this was underway before Iran – but they remain tight vs history (slides 4-5).
- As commodity net importers, European and Asian economies are more vulnerable to commodity price rises, while the US is better placed. Consistent with this, EUR and GBP spreads increased by more than USD ones following the Russia/Ukraine 2022 oil price spike (slides 6-8)
- GBP and EUR corporate bond markets also have more exposure to real estate, which suffered badly in 2022. Conversely, the USD market has more exposure to the energy sector, which performed better (slide 9).
- Large amounts of IG issuance remains a theme in 2026. By 16 March this year, the hyperscalers have already nearly matched the record amount borrowed across 2025 overall (slides 10-11)
- Hyperscaler spreads rose further vs the market in February, but dipped back slightly in early March
- The yield pickup EUR bonds offer over USD bonds on an fx-hedged basis has compressed (slides 11-12)
Charts of the month
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