WEEKLY MARKET OUTLOOKJULY 30, 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.Credit Concerns Surpass Rate RisksCredit Markets Review and Outlook by John Lonski Credit Concerns Surpass Rate Risks. ¯ FULL STORY PAGE 2Topic of the Week by Ben Garber One Company Mirrors the Worldwide Economic Slowdown. ¯ FULL STORY PAGE 5The Week Ahead We preview economic reports and forecasts from the US, UK/Europe, and Asia/Pacific regions. ¯ FULL STORY PAGE 8 The Long View Check our chart here for forecast summaries of key credit market metrics. Full updated stories, Julys worldwide offerings of corporate bonds may advance by 65% annually for investment grade, but dip by -5% for high yield, begin on page 19.¯ FULL STORY PAGE 19Ratings Round-Up by Njundu Sanneh US Credit Quality Rises.¯ FULL STORY PAGE 21Market Data Credit spreads, CDS movers, issuance.¯ FULL STORY PAGE 23Moodys Capital Markets Research recent publications Links to commentaries on: Ford, Campbell, AXP, risk, GS, M&A, UBS, issuance, WFC, C, MS, JPM, IP. ¯ FULL STORY PAGE 27Credit Spreads Investment Grade: Year-end 2015 spread to resemble its recent 152 bp.High Yield: Recent spread of 529 bp should approximate 500 bp by year-end 2015.Defaults US HY default rate: June 2015, 2.0%; Moodys Credit Policy Group forecasts 3.0% in 1H2016Issuance For 2015, US$ IG bond offerings may grow by 24% to $1.401 trillion, while US$ HY bond issuance sinks 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: Tomas Holinka 1.420 ( 221) 666-384 Tomas.holinka@moodys.comMoody's Analytics/Asia-Pacific: Matthew Circosta 1.612.9270.8118 Matthew.Circosta@moodys.com Faraz Syed 1.612.9270.8146 Faraz.Syed@moodys.comEditor Dana Gordon 1.212.553.0398 dana.gordon@moodys.comCAPITAL MARKETS RE...
