Credit Calls

J.P. Morgan's daily credit report highlights Stellantis' long-term strategic targets and provides updates on HY and LL markets, noting spread widening and outperformance in the Chemicals sector.

Key Takeaways

• 1.Stellantis Investor Day targets provide a path to ratings stabilization as early as 1H27, with adjusted operating margins expected to reach 7% by 2030.
• 2.HY and Leveraged Loan spreads widened over the past week to 311bp and 486bp respectively, driven by geopolitical volatility and macro data.
• 3.The J.P. Morgan HY Chemicals Index is significantly outperforming the broader HY index YTD (324bp vs 109bp total return).

Table of Contents

• Feature
• Stellantis: Driving in the FaST LAne; Investor Day Credit Takeaways (Evan Piascik)
• Strategy & Sector Commentary
• Cracking Credit: JPM High Grade & High Yield Chemicals Weekly (Aaron Rosenthal, CFA)
• Credit Strategy Weekly Update: High Yield and Leveraged Loan Research (Nelson Jantzen, CFA)
• Electric Utilities & Power: Sparking Credit: PJM Provides RBP Framework; Weekly Briefing (Kevin L Kwan)
• HG & HY Consumer Checkup: Memorial Day - Remembering Service. Honoring Sacrifice. Thank You. (Yaakov Musheyev)
• HG & HY Weekly Register: Cue the Red, White & Blue! (Carla Casella, CFA)
• High Grade Automotive: Weekly Road Trip (Evan Piascik)
• High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly (Tarek Hamid)
• JPM 2026 TMC Conference: Presentation Recaps & Takeaways (Erica R Spear)

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