A daily credit research compilation highlighting an Overweight recommendation for Howmet Aerospace and the release of a new Data Center-Hyperscaler Bond Matrix tracking $450bn in debt.
Key Takeaways
- 1.J.P. Morgan reiterates an Overweight recommendation on Howmet Aerospace (HWM), identifying the 5.95s of 2037 as the best value in the capital structure.
- 2.The data center and hyperscaler bond universe has grown to over $450 billion in outstanding debt across 27 different issuers.
- 3.Foreign demand for USD Investment Grade (IG) bonds remains strong despite lower yields, as falling hedging costs improve the FAB index.
Table of Contents
- Feature
- Strategy & Sector Commentary
- Head of North America Credit Research and Strategy
- Company Comments
- Analyst Certification
- Important Disclosures
- History of Investment Recommendations
- Explanation of Credit Research Valuation Methodology, Ratings and Risk to Ratings
- J.P. Morgan Credit Research Ratings Distribution, as of April 04, 2026
- Other Disclosures
- Legal Entities Disclosures and Country-/Region-Specific Disclosures
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Authors
Tarek HamidYilma AbebeThomas Egan, CFA
Securities
HWMKGSUNITSDRL
Themes
AI Infrastructure FinancializationPost-Earnings Credit Valuation
Regions
North AmericaUnited States