阿波罗全球管理：2025年年中信贷市场展望报告：逆风航行（英文版）

Resilient Fundamentals and Robust Technicals Drove Performance: Tariff-driven headline risk, geopolitical volatility, and fiscal policy shifts caused temporary market dislocations in the first half—but failed to derail the credit cycle. Solid macro and corporate fundamentals, coupled with persistent institutional demand and limited net new supply, anchored credit spreads and performance. While downside risks have increased, we expect fundamentals and technicals to remain supportive through ye