Credit Week in Brief
中文标题
信用周报
Core conclusion · Tlines extraction
The Fed's first rate hike in three years made for a bumpy week in credit. US and Asia USD IG spreads tightened 2-3bp w/w, while HY widened (Asia +10bp, US +2bp) but partially retraced. Asia dollar primary stayed quiet at USD3.3bn, with SoftBank Group expected this week. SGD credit total returns fell 0.28%, led by longer tenors (-0.84%) and Tier 2s (-0.38%). US bank commentary stayed constructive; PTTGC faces a Thai diesel price cut.
- Institution
- OCBC Research
- Published
- 09/22/2026
- Research topic
- Crude Oil (WTI)
- Time horizon
- 2027 · 2026 · 2029 · September 2026 · May 2024
Key arguments
- Fed's first rate hike in three years drove w/w IG tightening but HY widening, with HY partially retracing intra-week levels.
- Asia dollar primary issuance fell to USD3.3bn as issuers stayed sidelined; SoftBank Group jumbo deal expected this week to fund OpenAI investments.
- SGD credit fell a third straight week (-0.28%), with longer tenors and Tier 2s underperforming.
- US bank management remained constructive on credit, though fee momentum was uneven and BAC guided 3QFY2026 IB fees down 10-20% y/y.
Key numbers
- Asia USD IG OAS spread
- 53bp, -2bp w/w
- Asia USD HY OAS spread
- 323bp, +10bp w/w
- SGD Credit Universe total return w/w
- -0.28%
- Asia dollar primary issuance
- USD3.3bn
- SGD long tenor (>9yrs) total return w/w
- -0.84%
Main risks
- A busy jumbo pipeline, led by SoftBank Group, could pressure spreads if demand is insufficient.
- Thailand's diesel refinery-gate price cut (THB4.00/litre, 16 Sep-31 Oct 2026) may hit PTTGC revenue and credit metrics.
- Higher-for-longer rates and geopolitical uncertainty could keep longer-tenor and Tier 2 SGD credit underperforming.
Corresponding source evidence
Profit Guidance Bank of America Corp (“BAC”) • At the Barclay’s Annual Global Financial Services Conference, CEO Moynihan guided for a weak fee outlook for 3QFY2026, mentioning investment banking fees are expected to be weaker 10-20% y/y, to USD1.6-1.8bn.
However, its consumer business remains resilient with 6% y/y spending growth and stable credit quality.
AXA SA (“AXA”) • AXA held its investor day and announced its 2027-29 financial targets including 7-9% EPR CAGR over 2026-29, 15-17% ROE over 2027-29, ~EUR25bn cumulative upstreamed cash over 2027-29 and a total payout ratio of 75%.
· 2027
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How this page was produced
Tlines extracted the conclusion, arguments, numbers and risks above from the report published by OCBC Research on 09/22/2026, then structured them for comparison. The publisher's own wording is reachable through the source link on this page and is displayed in full above. Last updated 10/17/2026. Methodology · Source policy · AI usage · Request a correction