Credit Markets Hold Firm as Supply Surges and Tech Wobbles

Against a backdrop of equity volatility, this Nuveen fixed income commentary evaluates how credit markets digested heavy issuance while pockets of stress emerged.

• Investment grade and high yield markets absorbed outsized supply with ease, supported by strong inflows and oversubscription despite sharp spread widening in software credits.

• Treasury yields drifted modestly lower as labour data softened, reinforcing the case for duration as a growth hedge even as risk premiums may widen.

• Municipal bonds stand out, with robust reinvestment flows and demand continuing to outpace record supply.

Are credit markets signalling resilience—or complacency? The full report explores where yields still offer opportunity amid shifting risks.