Credit Calls

This report provides daily commentary on High Grade credit curve movements and 2Q’26 BDC redemption expectations. It notes a steepening of the 5s10s curve and highlights investor anticipation of increased BDC redemptions.

Key Takeaways

• 1.The HG credit spread curve shows specific movements: 5s10s steepened, while 10s30s remains near flat levels.
• 2.Survey data suggests ~85% of investors expect 2Q’26 BDC redemption requests to exceed 1Q’26 levels.

Table of Contents

• Strategy & Sector Commentary
• 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
• Analysts' Compensation
• Other Disclosures
• Legal Entities Disclosures and Country-/Region-Specific Disclosures