Credit Calls

J.P. Morgan's daily credit research highlight's Hilcorp Energy's improved production guidance, flattening High Grade spread curves amid record-high UST yields, and Novelis' earnings miss due to operational headwinds.

Key Takeaways

• 1.Hilcorp Energy reported a soft 1Q26 but raised its FY26 production guidance to incorporate Permian asset exchange impacts, targeting 500mboe/d by 4Q26.
• 2.Credit Index Futures roll season has begun with open interest reaching $9.4bn and daily volumes averaging $1.2bn.
• 3.High Grade (HG) spread curves flattened significantly as long-end UST yields rose to 5.13%, their highest level since 2007.

Table of Contents

• Feature
• Strategy & Sector Commentary
• Company Comments
• Head of North America Credit Research and Strategy
• 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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