Broker Research: Sector, Macro and Strategy Notes

BofA Securities·2026-11-04Credit

AMZN GOOGL META MSFT ORCLUS investment-grade credit·NeutralBrent oil (2nd contract) change: Fell sharply with no post-election escalation in hostilitiesNov 2026 MTDAMZN, GOOGL and META 2027 capex consensus: Revised higher again after 3Q earnings2027AMZN, GOOGL and META FCF less dividends: Revised down from -$95bn after 2Q2027AMZN, GOOGL and META FCF less dividends: Expected to improve markedly before turning positive in 20292028

BofA Securities·2026-10-23Credit

Pipelines·OverweightInsurance·OverweightUtilities·OverweightConsumer Products·UnderweightHealth Care·UnderweightBBB·Neutral

BofA Securities·2026-10-21Credit

BofA Securities·2026-10-02Credit

BofA Securities·2026-10-01Credit

BofA Securities·2026-08-19Credit

Asia credit·NeutralAsia NBFC and BB corporates·Overweight

BofA Securities·2026-08-10Credit

AVGO

Research: Broker notes on sectors, macro, rates and strategy

Situation Room: Midterms IG impact: neutral

IG Credit Strategist AI funding tantrum

Off-shore RMB bond market: CNH Credit Reimagined II: The Rise of a Strategic Funding Market

Follow The Flow Uncertainty persists

High Yield Strategy The Chartbook Reset, not rupture

Situation Room Outflow from bond funds

Monthly HG Market Review Sep '26 A big rate selloff

Asian Credit Survey: Investors Less OW Asia Credit; More Defensive; Best value in NBFCs BB corps

Broadcom Inc. XPV uncertainty to remain an overhang; Downgrade to Marketweight