信用周报

关键论点

• 抛售由利率而非信用基本面驱动；美债曲线陡峭化，长端收益率最多上行18个基点。
• 投资级利差较高收益更具韧性，但久期更长使其总回报损失和流出更大。
• 美国高收益收益率自“解放日”以来首次突破8%，利差收于走阔27个基点。
• 尽管遭遇抛售，一级市场仍运转正常，美国与亚洲美元债供给量大。

对应原文证据

1. Credit Week in Brief OCBC Group Research 29 September 2026 • Last week saw a further acceleration in the credit market sell-off, driven by rates move. · September 2026
2. Despite energy supply disruptions and elevated oil prices that have raised firms’ input costs, corporate balance sheets are generally sound.
3. • Despite energy supply disruptions and elevated oil prices that have raised firms’ input costs, corporate balance sheets are generally sound though it sees a reassessment of AI as a key risk factor.