Barclays_US_Credit_Alpha_No_risk_management_in_credit

This document is intended for institutional investors and is not subject to all of theindependence and disclosure standards applicable to debt research reports prepared for retailinvestors under U.S. FINRA Rule 2242. Barclays trades the securities covered in this report for itsown account and on a discretionary basis on behalf of certain clients. Such trading interestsmay be contrary to the recommendations offered in this report.Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.FOR ANALYST CERTIFICATION(S) PLEASE SEE PAGE 36.FOR IMPORTANT EQUITY RESEARCH DISCLOSURES, PLEASE SEE PAGE 36.FOR IMPORTANT FIXED INCOME RESEARCH DISCLOSURES, PLEASE SEE PAGE 37.US Credit AlphaNo "risk management" in creditWe discuss the potential for the SEC to change earningsreporting frequency, highlight our best ideas acrossinvestment grade and high yield, examine opportunities infront-end BBBs, and analyze rate cut effects on loans andCLOs.  US Credit AlphaOverview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3This week's "risk-management cut" did little to disturb market sentiment. Credit remainsunshaken, bolstered by persistent technical strength. With the market seemingly range-boundat tight levels, identifying areas of dispersion and catalyst-driven opportunities remains key.US FocusPublic Policy: What's Old Is New. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Echoing his comments from 2018, President Trump says the SEC should allow US publiccompanies to report on a semiannual rather than quarterly frequency. While not our base case,the SEC could implement this change quickly for Q3 2025 earnings. We explain how.US FocusCredit: Is Two or Four Just a Number? Quarterly Reporting andConsiderations for Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10President Trump's suggestion for the SEC to allow semiannual reporting echoes his commentsfrom 2018, and Barclays' public policy analyst sees a higher probability of implementation thistime. For credit investors, the potential change raises some interesting questions.FICC ResearchCredit Strategy19 September 2025SIGNATUREBradley Rogoff, CFA+1 212 412 7921bradley.rogoff@barclays.comBCI, USDominique Toublan+1 212 412 3841dominique.toublan@barclays.comBCI, USCompleted: 18-Sep-25, 22:42 GMT Released: 19-Sep-25, 10:30 GMTRestricted - ExternalUS Investment GradeTaking advantage of BBB dispersion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Spreads in IG may have further room to run given strong sentiment, the macro picture, andtechnicals. Dispersion has picked up in BBBs, most