Credit Calls

This report provides a daily credit market update, including an upgrade of Expand Energy to Neutral and a tactical widening of the US High Grade JULI spread target to 95bp.

Key Takeaways

• 1.J.P. Morgan upgraded Expand Energy (EXE) to Neutral from Underweight, citing improved valuation spreads relative to peers and progress on deleveraging.
• 2.The firm revised its High Grade credit JULI spread target 10bp wider, from 85bp to 95bp, anticipating that favorable fundamentals are now fully priced in.

Table of Contents

• Feature
• Strategy & Sector Commentary