Curveball: HG Credit Curve Opportunities

Research evidence excerpt

Curveball: HG Credit Curve Opportunities

J P M O R G A N North America Credit Research

16 June 2026

Curveball: HG Credit Curve

Opportunities

The 5s10s spread curve nears 2m steeps while the

10s30s curve unchanged at flat levels

• The HG spread curve steepened in the belly as spreads tightened to 83bp with North America Corporate Credit -

3yr and 5yr bonds outperforming modestly. The 3s5s curve steepened to 17bp Investment Grade Strategy

last Wednesday, its steepest level in 11 months, but has since flattened to 15bp. Silvi Mantri AC

The 5s10s curve steepened by 0.9bp WoW to 24bp and has steepened sharply (1-212) 834-7239

by 3bp MoM and is now near its steepest level in two months. The 10s30s curve silvi.mantri@jpmchase.com

was unchanged at 16bp and remains flat at 10% of its 6m range. This is despite Nathaniel Rosenbaum, CFA

dealers net buying $3bn of long-end bonds over the last 5 days and 10+yr dealer (1-212) 834-2370

inventories reaching a 4m high. nathaniel.rosenbaum@jpmorgan.com

J.P. Morgan Securities LLC

• The 3s5s curve flattened by 0.2bp WoW while it steepened by 1.5bp MoM to

15.1bp. The 3s5s issuer curves for HWM (16bp WoW) and BXP (7bp WoW)

steepened the most, while EPR (-15bp WoW) and BMY (-9bp WoW) flattened J.P.ApolloMorganManagementSecuritiesX, plcL.P.is(togetheracting aswithfinancialApolloadviserGlobalto

the most WoW. Currently, GP (21bp, 100%) and KD (118bp, 97%) are at the Management, Inc. and its subsidiaries) in connection with a

steepest level while G (14bp, 13%) and BAX (9bp, 17%) are at the flattest level possibleissued ordinarycash offershareto acquirecapital oftheBodycoteentire issuedPLC asandannouncedto be

in their 6m range. on 22nd May 2026. This research report and the information

contained herein is not intended to provide voting advice,