GS Banovic GS Credit What You Need to Know

GS Banovic - GS Credit: What You Need to Know 22nd September 22 Sep 2026 Nikolina Banovic · Goldman Sachs · FICC & Equities Tue 22 Sep 2026, 3:07am ET

Credit Notes: Absorbing Higher Yields in Leveraged Finance

Global Credit Trader: An Update on AI-Related Debt Issuance

Global Markets Daily: A Floor Under Foreign Flows Into US Credit

Source: FICC and Equities, as of Tuesday 22nd September

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Opening unch with us seeing a bit more fins supply again today to counteract the supportive macro backdrop - BBVASM SP green 7yr, ACAFP subinco 12y, SOCGEN $ AT1.

Despite the relief rally in rates, oat and equities cash felt very lacklustre y'day and closed overall unchanged in seniors. We had two senior deals - not big ones, just AIB and BPEIM, but enough to fill some buying appetite and led to a bit of selling in the periph space and other green bonds. Away from that flows were pretty balanced with clearing levels wrapped around mids. French risk continues to be a bit heavy despite the bounce back in oats which think is mostly because we had two cheap French deals last week (BFCM and BPCEGP) which had unfortunate timing - printing just before the oat sell-off and are all wide of re-offer. Given both came with concession the rest of the space re-priced accordingly, there was also a BFCM GBP y'day.

Corporate Hybrids (Severiano Escribano)

Opening unch/-0.125pt to start after closing +0.125/+0.375pt generically yesterday. On a spread basis we closed on average +5bps in the space and I think this is for 2 main reasons: 1/ giving back some of the mid week performance where we were -10/-20bps over 2 sessions last week. 2/ Supply expectations in the space - nothing yesterday but we have the SYSCO coming + seeing plenty of issuance hitting the tape in

other spaces. Flows overall were very much so balanced, voice slightly skewed to selling vs platform more balanced. Autos initially underperformed post the late VW profit warn on Friday, trading -0.25pt early in the session and seeing some selling, however with the continued macro strength we saw buyers stepping in and we closed VW +0.25/+0.375pt and STLA +0.625/+0.75pt on the day.

Opening unch in £ cash after closing unch/-1 in corps and +2/-1 in fins yesterday despite an incredibly firm macro tone.

Despite the frimer macro tone cash didn't really move much at all yesterday, spreads closed unch/-1 in corps and a similar move in Fins albeit with French names +1/2 with a new BFCM 6yr landing at ukt+100 c 12 back of the existing 31s started the day.

TMT remains active and it was my busiest sector with a few clips in AMZN/VOD going through whilst AT&T felt bid and GOOGL saw some two-way after a very active Friday in that curve.

EMEA Credit Portfolio Trading (Chitrarth Shrivastava)

Quiet session as expected as CDS roll was in focus yesterday with just 300MM in volumes inquired across 10 lists. Despite a very firm macro tone, not a lot of move in cash spreads with IG spreads closing unchanged and HY spreads optically a bit wider on the day as cash lagged the larger move in rates. We saw small better buying on the HY side with a few 25-50MM buyers in the afternoon against couple small sellers. Risk cleared around CBBt mids/5c or so back of mids on the bid side and around 25-30c from mids on the offer side.

Source: FICC and Equities, as of Tuesday 22nd September

Is trading a little lower in HK currently on what looks like a reaction to an FT article where it along with a number of other banks are named in relation to potential movement of funds through a Russian backed Fintech company which the FT alleges used a vast document forgery operation to avoid sanctions. The FT story is based on leaked documents from A7 which was a group set up as an alternative payments system. According to the article Standard Chartered HK received $1.1bn from A7 linked entities since 2024. The article does mention that multiple banks had requested additional details for AML, and that Standard Chartered had frozen some payments. (Analyst: Dan Crowe)

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