J.P. Morgan
June 16, 2026
Credit Calls
Daily UpdateRates CreditEquitiesPrivate MarketsFinancialsInformation Technology
This report provides daily credit market commentary, covering BDC portfolio quality, foreign demand for USD IG bonds, and AI-related technology sector issuance. It also highlights upcoming credit implications regarding the USMCA trade agreement review.
Key Takeaways
- 1.BDC portfolios continue to be analyzed for 'bad PIK' (Payment-in-Kind) activity, defined as any PIK loan marked below 90%.
- 2.The JPM Foreign Attractiveness of USD IG Bonds (FAB) index fell 3bp to 52bp, driven by a 7bp decline in USD IG Corporate yields.
- 3.Technology sector issuance was heavy on AI infrastructure, though some projects (like Crusoe) faced reports of pause, signaling sustained demand.
Table of Contents
- Strategy & Sector Commentary
- US Automotive: Credit Implications of a Revised USMCA
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Authors
Tarek Hamid
Securities
XRXLUMN
Themes
AI Infrastructure InvestmentUSMCA Trade ReviewBDC Credit Stress Metrics
Regions
North AmericaAsia PacificUnited StatesMexicoCanada