US High Yield Credit Research: Top 10 US High Yield Ideas – July 2026 edition

Research evidence excerpt

US High Yield Credit Research: Top 10 US High Yield Ideas – July 2026 edition

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US High Yield Credit Research

Top 10 US High Yield Ideas – July 2026

edition

Credit Analysis

Our Top 10 US High Yield Ideas List 01 July 2026

This report details our Top 10 US High Yield (HY) Ideas list of corporate bond and/or High Yield Credit

loan recommendations. As selected by the Head of BofA US Credit Research, these United States

recommendations are a collection of our best investment ideas from the universe of Cross-Industry

bonds and loans covered by BofA Global Research fundamental HY US Credit Research

analysts. We expect the picks to outperform or underperform their relevant benchmarks Table of Contents

based on particularly attractive or unattractive expected total return due to potential Calumet Inc (CLMT) 2

market and/or business-related catalysts, interest carry, yield-to-redemption, and/or

Credit Acceptance Corp. (CACC) 3

value based on yield relative to credit quality. As a reminder, BofA Global Research credit

Dauch Corporation (AXL) 4

ratings are assigned using a three-month time horizon. While the list is not a model

portfolio, we strive to provide a diversified group of debt instruments from a range of Gray Media (GTN) 7

sectors. (Sectors and instruments not under research coverage, including those of IPL Schoeller (TOUCAN) 7

private issuers under NDA, cannot be included). Lithia Motors (LAD) 7

Michaels (MIK) 8

10 Overweights Norwegian Cruise Line Holdings (NCLH) 9

Our July 2026 list consists of eight issuer and two issue-specific recommendations and PennyMac Financial Services (PFSI) 10

comprises of 10 Overweight (OW) ratings. The OW issuer recommendations are Calumet Six Flags Entertainment (FUN) 11