Credit markets reacted positively to the outcome of the US election, with spreads - the difference between yields on corporate bonds relative to those on government securities - narrowing across the board. But the longer term implications are more complicated.

ING analysts Jeroen van den Broek and Tim Rahill predict a tough year ahead for credit, with a Trump presidency one of 25 reasons to be cautious in 2025.

 In this week’s THINK aloud, a replay of our live webinar, Jeroen and Tim explain why they think spreads could widen next year and why investors need to be selective while strategists Suvi Platerink Kosenon and Jesse Norcross take a closer look at banks and real estate.