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The AI trade is increasingly permeating all parts of the market, including credit markets, where AI capex has driven a significant increase in issuance. AI-related issuance now accounts for 16-23% of gross issuance in the US IG, HY and Leveraged Loan markets, as well as a sizable share of non-USD IG markets. While US corporate fundamentals remain strong for both AI and non-AI companies, AI-related issuance may weigh on tech spreads, and we continue to prefer equity exposure to the AI theme over credit given upside potential.
Download the full document, which includes the chart of the week and insights on market developments. On pages 3 and 4, we further recap equity sector, size and style returns, global index returns, as well as rates and spread movements and a monthly snapshot of global equity valuations.
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