ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU.S.FINRARule2242.Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients.Suchtradinginterestsmaybecontrarytotherecommendationsofferedinthisreport.Pleaseseeanalystcertificationsandimportantdisclosuresbeginningonpage25.USCreditAlphaIncreasedspreaddispersionbringsopportunitiesThisweek,wereviewcreditperformancearoundthebeginningofFedratecuttingcycles.WealsoanalyzeBBB/Acompressionininvestmentgrade,thenegativeCDS-cashbasisinhighyield,andimplicationsoftherecentDOJprobeintoArborRealtyfortheCRECLOmarket.Weappreciateyourconsiderationinthe2024InstitutionalInvestorGlobalFixed-IncomeResearchSurvey.Viewouranalysts»Vote5starsforBarclays»USCreditAlphaOverview........................................................3Spreadsarerange-bounddespitevolatilityinothermarkets.Thisisinpartduetopositioning,butalsototheexpectationthattheeconomywillremainonagoodpathwhilecreditfundamentalsandsupply/demanddynamicscontinuetobepositive.Thatsaid,spreaddispersionhasincreased,whichiscreatingopportunities.FocusFedcutimplicationsforcredit.....................................5TheFedlookslikelytocutsoon.Historysuggeststhatsprea...
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