IN FOCUS6-8 min read
Schroders Credit Lens January 2026: your go-to guide to global credit markets
Tight valuations leave little room for error against M&A and AI related risks.
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Links to all three versions of the Credit Lens are provided below and at the bottom of the page.
– Credit spreads are extremely expensive, but the macro backdrop is supportive (slides 5-7)
– Technicals are set to become a headwind, with higher issuance driven by M&A and AI-related issuance (slides 8-12).
– Big tech borrowed more in Q4 2025 than in any full year in history, other than 2017 (slide 10)
– Tight valuations leave little room for error against M&A and AI related risks (slide 13)
– The yield pickup EUR bonds offer over USD bonds on an fx-hedged basis has compressed (slides 14-15)
Charts of the month
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