U.S. Tight Swap Spread means Market Liquidity Tightening

Via Goldman Sachs, recent historical low spread of U.S. interest rate swap has been caused by tight funding issue in banks rather than hedging demand by corporate credit issuers. This is in line with underperformer of CMBS or corporate bonds due to limited balance sheet in banks.

These conditions do not seem to be unwound by end of this year at least...
This aspect suggests the timing to buy credit bonds or increase duration should be later than the end of this year...!!