Alex Finston, co-head of US and Asia Credit Trading at Goldman Sachs, said credit markets could offer fresh opportunities through the end of 2026, pointing to high-quality AI-related debt, which is available at higher yields after recent volatility. He also highlighted portfolio hedges, which are attractive given low implied volatility, and municipal bonds, with tax-equivalent yields approaching 10 per cent after increased supply. Investment-grade credit spreads sit around the 10th percentile of their 20-year range and leveraged finance spreads around the 25th percentile, but Finston warned that conditions are increasingly differentiated across sectors, calling it a 'credit picker's market'. Investors will watch the Federal Reserve's flexibility and the possibility of large AI-related debt deals before year-end.
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