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Credit spreads were broadly robust in 2025. There were several episodes of elevated market volatility that triggered temporary spread widening, but these moves proved short lived. Overall, spreads hovered around the tight end of the post Global Financial Crisis range across both US IG and EUR IG.2
Several factors supported this outcome:
Source: BlackRock, EPFR. As of 31 December 2025
An improving global economic backdrop3
Solid corporate fundamentals4
Positive technicals, in particular persistent investor demand and limited net new issue supply5
This report highlights three themes shaping today’s environment:
1, 2 Bloomberg, 15 January 2025, available online at: https://www.bloomberg.com/professional/insights/markets/looking-back-at-2025-fixed-income/ (accessed 21 January 2026).
3 BlackRock, Global Investment Grade Corporate Bonds. Key Themes for 2026, 21 January 2026, p. 2.
4, 5 Bloomberg, 15 January 2025, available online at: https://www.bloomberg.com/professional/insights/markets/looking-back-at-2025-fixed-income/ (accessed 21 January 2026).
6 BlackRock, Global Investment Grade Corporate Bonds. Key Themes for 2026, 21 January 2026, figure on p. 3. Source: BlackRock and Bloomberg, 30 September 2025.
7, 8 BlackRock, Global Investment Grade Corporate Bonds. Key Themes for 2026, 21 January 2026, p. 2.
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