The Big Picture
2017 Global Credit Themes
For global credit markets in 2017, stabilizing macroeconomic conditions, heightened political risks, trade protectionism, and the evolution of climate change and technological trends will be key themes shaping the growth of credit.

Explore Our Credit Themes

Political Risk
Stabilizing Growth
Unusual Monetary Conditions
Climate Change
Technology
Slow Trade Recovery

Research Highlights

slow trade recovery
9 August 2017
NAFTA Talks Alone Will Not Fix Structural Impediments to Mexico’s Growth
Potential changes to the trade agreement are unlikely to remedy Mexico’s low productivity, low wages and low growth.
monetary
27 july 2017
FOMC Spotlight: The Next Phase of Monetary Policy Normalization
As the interest rate cycle turns, credit stress is likely to increase for high-yield corporates, bank earnings will benefit from wider net interest margins and risks may be revealed in business and commercial real estate lending.
POLITICAL RISK
19 july 2017
Benefits of US Tax Reforms Would Accrue Mainly to Investment-Grade Sectors
Proposals for a tax rate cut, full upfront deductibility of capital expenditures and the loss of interest deductibility would be a net credit positive for investment-grade firms, but credit negative for speculative-grade ones, excluding automotive.
POLITICAL RISK
18 july 2017
'No deal' Brexit would be significant credit negative for some UK-based issuers
If Brexit negotiations fail and no deal is reached, ensuing economic and trade disruptions would weigh on a range of UK issuers, particularly among corporates and operators of airports and seaports.
corporates
US Corporate Cash Pile Grows to $1.84 trillion, Led by Tech Sector
18 July 2017
CORPORATES
Negative outlook for Qatar rating reflects potential impact of regional dispute
4 JULY 2017

Stabilizing Growth

CROSS-SECTOR
Global Recovery Looks Sustainable as Risks Recede
31 MAY 2017
Subscribers only
CROSS-SECTOR
China, Commodities Prices and Corporate Debt Top Emerging Market Risks
1 JUNE 2017

Unusual Monetary Conditions

Subscribers only
CROSS-SECTOR
US Banks’ Profits to Rise Further and Faster than Global Peers
1 june 2017
Subscribers only
CROSS-SECTOR
Africa's Recovery from Foreign Currency Shortages to Take Time
22 MAY 2017
Subscribers only
infrastructure and project finance
FSB climate task force’s recommendations will lead to mainstreaming of climate-related financial disclosures
29 june 2017
Subscribers only
INFRASTRUCTURE AND PROJECT FINANCE
Europe’s regulated energy networks face risks from renewables switch
13 JUNE 2017

Technology

CROSS-SECTOR
US Retail Defaults Climb to Highest Levels since the Great Recession
21 June 2017
CROSS-SECTOR
China's Surging E-Payments Lift Consumption, Pose Limited Threat to Banks
20 june 2017

Slow Trade Recovery

sovereign and supranational
Japan’s trade deal with EU will support economic growth and productivity
18 july 2017
Subscribers only
CROSS-SECTOR
NAFTA renegotiations – How will the US be Impacted?
29 JUNE 2017
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