J.P. Morgan
May 11, 2026
North America Credit Calls
Daily UpdateRates CreditMacro Economic IndicatorsIndustrialsEnergy
A daily compilation of North American credit research covering soft Toyota earnings, Enbridge's reaffirmed guidance, and the market's skepticism toward GameStop's unsolicited bid for eBay.
Key Takeaways
- 1.Toyota reported soft F4Q26 results and weak FY27 guidance, citing a ¥670 billion headwind from the Middle East conflict.
- 2.GameStop's unsolicited $56bn bid for eBay is viewed with high skepticism by credit markets due to financing and integration risks.
- 3.Credit spreads remain rangebound despite expected supply surges, supported by high fund inflows and reinvestment income.
Table of Contents
- Feature
- Head of North America Credit Research and Strategy
- Strategy & Sector Commentary
- Company Comments
- Important Disclosures
- Other Disclosures
- Legal Entities Disclosures and Country-/Region-Specific Disclosures
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Authors
Tarek HamidEvan Piascik
Securities
7203ENBGMEeBay
Themes
YOLO Economics & Meme Stock M&AGeopolitical Credit Headwinds
Regions
North AmericaMiddle EastEuropeUnited StatesJapan