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Executive Summary

Investors enter 2026 with credit markets shaped by powerful but uneven forces across industries. The reports that follow highlight how elevated capex cycles, evolving regulatory frameworks, shifting competitive dynamics, and complex capital structures will define the credit landscape this year. While the drivers differ by sector, a common thread emerges: 2026 is a year where individual sector fundamentals matter more than a single macro narrative.

Across U.S. Banks, Utilities, Communications, Energy, Technology, Media, and Autos, our analysts have identified sector‑specific pressures and opportunities that are both meaningful on their own and insightful when viewed side by side. This Playbook brings those perspectives together so investors can better understand how 2026 is taking shape across key industries, where stability is strongest, where capital needs are rising, where regulatory shifts are meaningful, and where valuation and technical factors are especially relevant.

Each section that follows summarizes the most important insights from our sector teams, with a focus on the credit outlook for 2026. For many readers, this Playbook will serve as a high‑level guide. For those who want to explore any theme, issuer, or trend in more detail, our full reports offer deep dives from our analyst team.