Global Credit Weekly

The road ahead for USD corporate credit

January 22, 2026 | Dominique Bly

Key takeaways

  • A ‘good enough’ macro backdrop continues to support credit performance, with USD high yield spreads near historical tights and yields remaining attractive.
  • The same supportive environment is driving increased overlap between the broadly syndicated loan and private credit markets. Private credit’s expanding borrower base, coupled with strong demand in both markets, supported record cross-market activity in 2025. We see scope for fluidity between these two markets to intensify and expand as the addressable markets converge.

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Author

Dominique Bly
Macro Credit Research Strategist, Private Financing Solutions

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