Morgan Stanley 长篇，50页。
　　2016 was a strong year for US credit–the best since 2012 for IG and since 2009 for HY.Total returns for IG and HY were 5.66% and 17.70%，respectively.Spreads tightened on the year（40bp for IG，257bp for HY），resulting in excess returns of 4.87% and 15.20% for IG and HY，respectively.Loans underperformed HY，but still finished with the best return（+10.09%）since 2010.