Credit Calls

This report provides a daily compilation of credit research, highlighting the downgrade of the chemical sector to Underweight and analyzing spread widening across HG and HY markets.

Key Takeaways

• 1.Downgrading High Grade and High Yield Chemicals sectors to Underweight following strong 1H26 performance.
• 2.High Grade credit spreads saw a return of volatility, widening to 89bp, though still within expected H2 ranges.
• 3.High-yield bond spreads widened 11bp to 311bp amid lower oil prices and consolidation in technology equity gains.

Table of Contents

• Feature
• High Grade Chemicals: Mid-Year Outlook Updates and Ratings Changes
• High Yield Chemicals: Ratings Changes
• Head of North America Credit Research and Strategy
• Strategy & Sector Commentary
• Cracking Credit: JPM High Grade & High Yield Chemicals Weekly
• Credit Market Outlook & Strategy: How do you spell relief?
• Credit Strategy Weekly Update: High Yield and Leveraged Loan Research
• Electric Utilities & Power: Sparking Credit: JPM Natural Resources Conference Takeaways, Weekly Briefing: DOE Furthers Nuclear Agenda
• HG & HY Consumer Checkup: But I Keep Crusin, Can't Stop, Won't Stop Groovin!
• HG & HY Food for Thought: No Hidden Valley Ranch here! just a lot of food news over the last 2-weeks
• HG & HY Weekly Register: Prime Day = Deal Week Across Retail
• High Grade Automotive: Weekly Road Trip
• High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly
• US HG Month-Ender: Month-end trading likely to be very active as index grows by the most in 5m and passive inflows rise

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