Credit Calls

This report covers recent developments in TMT, Utilities, and Automotive sectors, alongside a record-breaking issuance summary for U.S. high-grade corporate bonds. Meta's potential cloud expansion and strong June U.S. auto sales performance are highlights.

Key Takeaways

• 1.Meta's potential move into AI infrastructure as a service (selling excess compute) is viewed as a strategic hedge and potential revenue driver rather than an indicator of overbuilding.
• 2.U.S. high-grade corporate bond issuance reached record levels in June 2026 ($202bn) and for the first half of the year ($1.192tr).
• 3.June U.S. auto sales (16.5 million SAAR) exceeded consensus estimates, driven by resilient consumer demand and fleet channel strength.

Table of Contents

• Strategy & Sector Commentary
• Bits, Broadcasts & Bandwidth: Weekly Investment Grade TMT Review
• Electric Utilities & Power: Sparking Credit: 1Q26 HY Model Book, Weekly Briefing: OR Supreme Court to Review PacifiCorp Trial
• U.S. Automotive: June Auto Sales – No VAR Needed
• US High Grade Corporate Bond Issuance Review: June 2026 and 1H26: Breaking records

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