Corporate Issuance Thrives in US, Shrivels Elsewhere (Capital Markets Research)

WEEKLY MARKET OUTLOOKJUNE 25, 2015CAPITAL MARKETS RESEARCHMoodys Analytics markets and distributes all Moodys Capital Markets Research, Inc. materials. Moodys Capital Markets Research, Inc is a subsidiary of Moodys Corporation. Moodys Analytics does not provide investment advisory services or products. For further detail, please see the last page.Corporate Issuance Thrives in US, Shrivels Elsewhere Credit Markets Review and Outlook by John Lonski Corporate Issuance Thrives in US, Shrivels Elsewhere.¯ FULL STORY PAGE 2Topic of the Week by Ben Garber Low Rates Needed to Keep Housing on Track.¯ FULL STORY PAGE 7The Week Ahead We preview economic reports and forecasts from the US, UK/Europe, and Asia/Pacific regions. ¯ FULL STORY PAGE 11 The Long View Check our chart here for forecast summaries of key credit market metrics. Full updated stories, After rebounding from H2-2014s -3% yearly dip to H1-2015s prospective 10% gain, the annual increase by the worlds total amount of investment grade bond offerings should slow to 4% in H2-2015, begin on page 22.¯ FULL STORY PAGE 22Ratings Round-Up by Njundu Sanneh Many Moodys Bank Reviews.¯ FULL STORY PAGE 25Market Data Credit spreads, CDS movers, issuance.¯ FULL STORY PAGE 28Moodys Capital Markets Research recent publications Links to commentaries on: HSBC, MBTU, CCB, KMI, Greece, BAC, CASA, defaults, Lloyds, RBS, ABC, oil, Barclays, BNPP. ¯ FULL STORY PAGE 32Credit Spreads Investment Grade: Year-end 2015 spread to resemble its recent 145 bp.High Yield: Recent spread of 468 bp could approximate 460 bp by year-end 2015.Defaults US HY default rate: May 2015, 1.9%; 3.1% by spring 2016Issuance For 2015, US$ IG bond offerings may grow by 14% to $1.282 trillion, while US$ HY bond issuance dips by -5% to $401 billion. In 2014, US$ IG bond issuance rose by 0.9% to $1.129 trillion, while US$ HY bond issuance dropped by -2.3% to $421 billion.Click here for Moodys Credit Outlook, our sister publication containing Moodys rating agency analysis of recent news events, summaries of recent rating changes, and summaries of recent research.Moodys Capital Markets Research, Inc.Weekly Market Outlook Contributors: David W. Munves, CFA 1.212.553.2844 david.munves@moodys.com John Lonski 1.212.553.7144 john.lonski@moodys.com Ben Garber 1.212.553.4732 benjamin.garber@moodys.com Njundu Sanneh 1.212.553.4036 njundu.sanneh@moodys.com Yukyung Choi 1.212.553.0906 yukyung.choi@moodys.com Irina Baron 1.212.553.4307 irina.baron@moodys.com Franklin Kim 1.212.553.4419 franklin.kim@moodys.com Xian (Peter) Li1.212.553.1404 Xian.li@moodys.comMoody's Analytics/Europe: Zach Witton 44 (20) 7772-1678 Zach.witton@moodys.comMoody's Analytics/Asia-Pacific: Matthew Circosta 1.612.9270.8118 Matthew.circosta@moodys.com Katrina Ell 1.612.9270.8144 Katrina.ell@moodys.comEditor ...