WEEKLY MARKET OUTLOOKJULY 23, 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.US Bond Offerings to Slow As Risks RiseCredit Markets Review and Outlook by John Lonski US Bond Offerings to Slow As Risks Rise. ¯ FULL STORY PAGE 2The Week Ahead We preview economic reports and forecasts from the US, UK/Europe, and Asia/Pacific regions. ¯ FULL STORY PAGE 5 The Long View Check our chart here for forecast summaries of key credit market metrics. Full updated stories, Weak second-quarter business sales should boost perceived default risk by enough to materially curb high-yield bond issuance, begin on page 15.¯ FULL STORY PAGE 15Ratings Round-Up by Njundu Sanneh Slightly More Upgrades Than Downgrades.¯ FULL STORY PAGE 18Market Data Credit spreads, CDS movers, issuance.¯ FULL STORY PAGE 20Moodys Capital Markets Research recent publications Links to commentaries on: UBS, WFC, C, MS, JPM, IP, Oaxaca, USB, Greek EDFs, risks, BAC, RSG, Russia, HON, Greece, SANTAN. ¯ FULL STORY PAGE 24Credit Spreads Investment Grade: Year-end 2015 spread to resemble its recent 151 bp.High Yield: Recent spread of 514 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 20% to $1.357 trillion, while US$ HY bond issuance sinks by -7% to $391 billion. In 2014, US$ 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: Alaistair Chan 1.612.9270.8148 Alaistair,chan @moodys.com Katrina Ell 1.612.9270.8144 Katrina.ell@moodys.comEditor Dana Gordon 1.212.553.0398 dana.gordon@moodys.comCAPITAL MARKETS RESEARCH2 JULY 23, 2015 CAPITAL MARKETS RESEARCH, IN...
