PPCC: Pisitófilos Creditófagos. Invierno 2025

[sudden and sharp]

 

[Fomento Cemento]

https://www.bloomberg.com/news/articles/2026-01-16/global-corporate-bond-yield-premiums-fall-to-lowest-since-2007

Global Corporate Bond Yield Premiums Fall to Lowest Since 2007

By Finbarr Flynn
January 16, 2026 at 2:46 AM UTC

Investors across global credit markets are accepting the lowest yield premiums on corporate debt in almost two decades, heartened by a resilient economic outlook.

Spreads have narrowed to 103 basis points, the least since June 2007 in the runup to the global financial crisis, a Bloomberg index of bonds across currencies and ratings shows. A gauge for junk notes set a similar milestone.

Money managers have been diving into the rally in credit due to the prospects of interest-rate cuts by the Federal Reserve and some other central banks. Such easing would help the global economy navigate threats from US President Donald Trump’s tariffs and geopolitical tensions. Earlier this week, the World Bank raised its forecast for global real gross domestic product to rise by 2.6%.



Declines in credit yield premiums, however, can present investors with a paradox. Money managers don’t want to miss out on a hot market. But they also must accept a smaller amount of compensation against risks, of which there are plenty swirling, including unpredictable US policy and the potential that easier monetary policy could allow inflation to quicken again.

“Complacency should be the scariest word in risk markets right now,” said Luke Hickmore, an investment director for fixed income at Aberdeen Investments. “All you can do is not lean too hard into high-risk areas.”


Companies have issued roughly $435 billion of bonds in the first half of January, a record for the period, and more than a third above last year’s tally at this point, according to data compiled by Bloomberg. Goldman Sachs Group Inc. on Thursday raised $16 billion with the largest investment-grade debt sale ever from a Wall Street bank, in what’s expected to be a record year of corporate bond issuance.

Buoyant Demand
So far, the flood of supply isn’t prompting any retrenchment, as strong demand is soaking it up. That’s leaving 2026 off to a strong start, building on excess returns over Treasuries for both dollar-denominated investment-grade and junk bonds over the past three years.

Asia was particularly strong, in part due to investors chasing a smaller pool of deals. High-grade dollar debt from the region’s companies returned 8.7% in 2025, about 1 percentage point more than a similar gauge of US securities.
For broader global credit markets, other major firms have also warned against investors letting their guard down.

“Strong recent returns have fueled complacency,” Pacific Investment Management Co. authors Tiffany Wilding and Andrew Balls wrote in a research note this month.

Pimco is becoming more selective about where it deploys its funds in the asset class due to expectation that fundamentals will deteriorate, they said.

[asustadísimos]

LA IDEA ES QUE, AUNQUE 'FALTE OFERTA', LOS PRECIOS PUEDEN BAJAR.—

Según Funcas, los precios de la vivienda se determinan por la suma de:
— la oferta y la demanda instantáneas
— la oferta y la demanda esperadas

«Si te cargas las expectativas, deshinchas precios, como vemos en muchas ciudades importantes de Occidente y la UE», dicen.

Nosotros vamos más allá. El Ladrillo es una estafa y, si te cargas las expectativas, te cargas todo el artefacto, ni oferta ni demanda ni leches.

Se espera una caída abrupta de la inflación en Alemania para 2026. Hay terror a que en España la inflación se vaya al 4% por las fantasías animadas de ayer y hoy del Ladrillo. No hay que olvidar que Alemania y España somos la misma Nación monetaria y aduanera.

La ofensiva de 'medidas contundentes' no es por el Ladrillo, sino porque el euro no vale tan poco como la mierda que el sector necesita que crean los membrillos/estafadorcillos.

«El euro es basura». ¡Vete a la mierda, felón, traidor!

El Estado español está haciendo lo único que le dejan hacer las CC. AA. y los ayuntamientos, titulares de la práctica totalidad de competencias en Vivienda: usar el micrófono. Y lo está haciendo francamente bien:
• encomio a caseros continentes,
• aviso a adquirentes para exprimeinquilinato,
• anuncio de represión de anuncios.

Yo, si fuera 'himbersor', estaría en pánico.

Ciertamente, no sé a qué está jugando el sector en España. Tiendo a pensar que es presa de la gafada anti-Sááánchez, porque el sector pertenece básicamente a lo que llaman ultraderecha, aunque solo por el autoritarismo anti-bicho porque sabido es que el Ladrillo es un artefacto socialdemócrata.