July 7, 2025 02:26 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 8bp last week, resulting in excess return of 54bp. 5-10y bonds outperformed across the curve. At a ratings level, BBBs outperformed. Telecoms, basic industry, and energy outperformed while services, banking, and insurance lagged. IG saw its largest weekly inflow YTD at $5.75bn (+$26.1bn YTD). Issuance reached €8bn last week, with YTD supply t ...