GS Nathan EU Macro Credit what weve been active in

GS Nathan - EU Macro Credit what weve been active in 18 Sep 2026 Ishan Nathan · Goldman Sachs · Analyst, Global Banking & Markets FICC & Equities Fri 18 Sep 2026, 1:26pm ET

The final days of the S45 index pass us by with Main closing ~1bp wider on the week, VGA -1.3% and ESA -0.7%. The market chopped through a number of moving parts, including a Fed hike and a notable option expiry in Main that saw us test the recent wides of ~55. Healthy two-way activity on the week with compression the broad theme, the 1:4.5 ratio hitting the ~14 handle with Brent back to around ~104. Attention now turns firmly to the S46 index, with our estimates below ahead of another notable roll here in Europe.

MA.45/46 5y: 6bps XO.45/46 5y: 31.5bps SNR.45/46 5y: 7.5bps SUB.45/46 5y: 12.25bps MA.45/46 3y: 6.75bps MA.45/46 10y: 3.75bps

IG Corps: A decent leg wider today led by French credits and Autos, following the moves in OATs and the profit warning out of VW into the close, with singles finishing +1/+7 generically. Rolls were a little quieter, although we continued to see HF/RM extension with curves steepening into the widening. Singles outperformed the move in indices by ~0.5bp, leaving Non-Fin S45 skew at 0bp. Non-Fin 46 from Monday.

Fins CDS: Roll anticipation was overshadowed by the move in OAT-Bunds, which was hard to make sense of given the absence of any material new news on France overnight. Bank CDS, by contrast, was very benign. French banks underperformed as expected, as did Axa, although the move there was nowhere near the magnitude of that in OAT vs Bunds.

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GS Credit Reports | Credit Volatility Report — September 15, 2026

For further analytics on European Macro, check out the latest European Macro Credit dashboard.

For further analytics on US Macro, check out the latest US Macro Credit dashboard.

Source: Goldman Sachs FICC & Equities, Marquee, 18 Sep 2026.