Report published June 2, 2026
J.P. Morgan Credit Calls: North America Credit Research Update - June 2026
J.P. Morgan · June 2, 2026
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.
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Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
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
- 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
Report data
J.P. Morgan Credit Research Ratings Distribution
| Metric | Estimate | Context |
|---|---|---|
| High Yield Bond Spreads | 305 bp | Reached a 4-month low. |
| Retail LTM Default Rate | 11.1% | Highest sector default rate including LMEs. |
| JPM FAB Index | 47 bp | Close to the highest since April 2025. |
Reports in this series
Credit Calls is shown in chronological order through this edition, published on June 2, 2026.
Part of the Credit Calls series — view all 38 editions
Looking for the latest edition? JPM Credit Calls Tuesday 2026 07 21 (Jul 21, 2026)
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