Executive Summary

Our “Q4 Investment Grade Corporate Market Review & Outlook” examines how Treasury yields and corporate spreads reacted to a busy quarter of market-moving events, highlighted by President Trump’s election. We chart portfolio attribution for Q4 and 2024, then look ahead to catalysts that could push credit spreads wider in 2025. Find out:

• Which corporate sectors showed the strongest excess returns in Q4
• Whether the compression theme that drove the market last year will continue in 2025
• Across the curve, which new issues dominated in 2024 – and which segment offers a better opportunity set
• Given the uncertain macro backdrop, our prudent playbook for portfolio positioning

Disclaimer

This material is intended solely for Institutional Investors, Qualified Investors and Professional Investors. This analysis is not intended for distribution with Retail Investors.

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