June 2, 2025 01:40 PM GMT GLOBAL CREDIT STRATEGY Global Credit: What We're Watching M O R G A N S T A N L E Y R E S E A R C H US Investment Grade: Spreads tightened by 3bp last week, resulting in excess return of 32bp. Curves bull flattened, and BBBs outperformed. Media, telecoms and retail delivered the best performance while basic industry, automotive and services lagged. IG funds saw $1.9bn in inflows for the week (+$12.6bn YTD). Weekly supply reached $24bn, raising YTD issuance to$866bn (+7.4% YoY). US ...