WEEKLY MARKET OUTLOOKJULY 9, 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.Wobbly World Menaces Credit QualityCredit Markets Review and Outlook by John Lonski Wobbly World Menaces Credit Quality. ¯ 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, Heightened market volatility has slashed the corporate bond issuance of early July, begin on page 22.¯ FULL STORY PAGE 14Ratings Round-Up by Njundu Sanneh Plenty of Rating Action in the US and Europe.¯ FULL STORY PAGE 17Market Data Credit spreads, CDS movers, issuance.¯ FULL STORY PAGE 20Moodys Capital Markets Research recent publications Links to commentaries on: Sony, Greece, LUV, CBK, housing, Rite Aid, Netflix, corp issuance, HSBC, MBTU, CCB, KMI, Greece, BAC. ¯ FULL STORY PAGE 24Credit Spreads Investment Grade: Year-end 2015 spread to resemble its recent 151 bp.High Yield: Recent spread of 522 bp should approximate 500 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 11% to $1.258 trillion, while US$ HY bond issuance sinks by -9% to $386 billion. In 2014, US$ 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 Emily Dabbs 1.612.9270.8159 Emily.dabbs@moodys.comEditor Dana Gordon 1.212.553.0398 dana.gordon@moodys.comCAPITAL MARKETS RESEARCH2 JULY 9, 2015 CAPITAL MARKETS RESEARCH, INC. / MARKET OUTLOOK / MOODYS.COMCredit Markets Review and OutlookCredit ...
