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  "authorName": "Morgan Stanley",
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  "notes": "The chart uses a stacked bar format to show yield components.",
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      "text": "European HY credit appears attractive especially for USD-based investors, given an additional 2.4% pick up from hedging euro exposure back to USD.",
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      "text": "The reduction in global growth risks from the recent positive trade negotiation outcomes should reduce default risks, making lower-quality credit more attractive. European HY credit appears attractive especially for USD-based investors, given an additional 2.4% pick up from hedging euro exposure back to USD.",
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      "text": "Source: Bloomberg, MSIM. As of May 22, 2025. For illustrative purposes only. Not a recommendation to buy or sell any security.",
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