Credit Calls

J.P. Morgan's daily credit report highlights a rare 'zero-default' month in May 2026 and tightening high-yield spreads amid favorable macro data.

Key Takeaways

• 1.May 2026 marked the first month with zero payment defaults or distressed exchanges since August 2018.
• 2.High-yield bond spreads tightened 10bp in May to a 4-month low of 305bp, supported by equity market strength and robust macro data.
• 3.The JPM Foreign Attractiveness of USD IG Bonds (FAB) index remains at one-year highs as FX and rate offsets balance falling local government yields.

Table of Contents

• Strategy & Sector Commentary
• Head of North America Credit Research and Strategy
• Technology & Telecom Weekly: CRWV, IONPLA, APLD, KIOXIA, WULF, SNAP, LUMN, CCOI, SFRFP, and ESTC
• 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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