Morgan Stanley Fixed-Global Credit Strategy Global Credit Research Webcast Slide...-106394980

MorganStanleyResearchGlobalFebruary7,202411:28AMGMTMorganStanleyGlobalCreditResearchWebcastFebruary7,2024AndrewSheets,GlobalHeadofCreditResearchStrategistMorganStanleydoesandseekstodobusinesswithcompaniesAronBecker,HeadofEuropeanCreditStrategyStrategistcoveredinMorganStanleyResearch.Asaresult,investorsMORGANSTANLEY&CO.INTERNATIONALPLC+shouldbeawarethatthefirmmayhaveaconflictofinterestthatVishwasPatkar,HeadofUSCreditStrategyStrategistcouldaffecttheobjectivityofMorganStanleyResearch.DavidHamburger,HeadofUSSectorCreditResearchCreditAnalystInvestorsshouldconsiderMorganStanleyResearchasonlyaMORGANSTANLEY&CO.LLCsinglefactorinmakingtheirinvestmentdecision.KelvinPang,HeadofAsiaCreditStrategyStrategistMORGANSTANLEYASIALIMITED+Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.AndrewSheetsHeadofCorporateCreditResearchWeBelieveinaSoftLanding,aGoodBackdropforCreditHistorically,creditdoesbestunder“modestlypositive”growth.That’swhatweforecastfor2024GDPat+1.6%(US)and+1.0%(euroarea).ImprovingMfgPMIisalsoagoodsign,inourview.However...