Credit Calls

A daily update of North American credit markets, focusing on retail earnings trends, revised oil price targets, and the operational fallout from the Liberty Interactive CDS default.

Key Takeaways

• 1.Retail earnings for 1Q26 have mostly exceeded estimates (42 beats vs 9 misses), though companies are flagging headwinds from inflation and a weakening low-income consumer.
• 2.J.P. Morgan has revised Brent oil price forecasts upward for 2026 ($103/bbl in Q2) but expects a significant drop to $64/bbl by year-end 2027.
• 3.The Liberty Interactive (LINTA) CDS auction resulted in a final recovery rate of 6.25%, triggering re-versioning across CDX.HY indices.

Table of Contents

• Feature
• Strategy & Sector Commentary
• Head of North America Credit Research and Strategy
• Life Insurance: Updated Thoughts on Private Credit Following 1Q Disclosures and the Forum
• Company Comments
• PrimeSource Building Products: Resilient 1Q26
• Superior Plus: Decent 1Q26 Results
• Important Disclosures
• History of Investment Recommendations
• Explanation of Credit Research Valuation Methodology, Ratings and Risk to Ratings
• Other Disclosures
• Legal Entities Disclosures and Country-/Region-Specific Disclosures

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