J.P. Morgan's daily credit report highlights a record 25.3% of leveraged credit maturing in the next three years and provides updates on PBM specialty pharmacy dynamics and corporate earnings for Elastic and NGL Energy.
Key Takeaways
- 1.The leveraged credit market faces a significant maturity wall, with 25.3% of the universe ($723bn) maturing between Q1 2028 and Q2 2029.
- 2.Refinancing activity reached a 5-month high in May 2026 at $47bn, bringing the YTD total to $175bn.
- 3.Pharmacy Benefit Managers (PBMs) are increasingly utilizing specialty pharmacies to capture additional revenue layers through proprietary networks.
Table of Contents
- Strategy & Sector Commentary
- Company Comments
- 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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Authors
Tarek HamidNelson Jantzen, CFAThomas Egan
Securities
ESTCNGL
Themes
Maturity Walls and RefinancingPBM Profitability Models
Regions
North AmericaUnited States