"Until The AI CapEx Debt Creation Machine Turns Back On": Goldman Says Credit Is Calm... For About Two More Months

Corporate credit has survived a bond rout, a rate vol spike, the start of a Fed hiking cycle and French contagion with barely a scratch. According to Goldman's investment grade credit desk, there's a simple reason: the one borrower big enough to break it has temporarily stopped borrowing.

Writing on Monday afternoon, Goldman IG credit sales trader Jeffrey Papai (in a note available to pro subs) says he is a buyer of the current dip, albeit with a buy order that has an expiry date attached:

A Wall Of Worry With "Remarkably Little Damage"