High Grade Weekly Spotlight: For the Week of June 22, 2026

Research evidence excerpt

High Grade Weekly Spotlight: For the Week of June 22, 2026

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

18 June 2026

High Grade Weekly Spotlight

For the Week of June 22, 2026

Table 1: High Grade Credits in Spotlight US Credit Research

Highlighted Bond Pricing and Ratings Kabir Caprihan, CFA AC

Ticker Coupon Maturity T + Spread Ratings JPM View (1-212) 834-5613

kabir.x.caprihan@jpmorgan.com

Fundamentals remain solid: Chopping

FCNCA 6.254% 2040 T+200bp Baa2/BBB AC away at purchase money note Yilma Abebe

Sector Banks Analyst Caprihan Latest Note See +20bp of tightening (1-212) 270-3265

yilma.abebe@jpmorgan.com

BMW 4.650% 2031 T+70bp A2/A BMW cut its 2026 guidance on Tuesday

Matthew Anavy, CFA AC The ‘31s look rich, in our view, trading

Sector Automotive Analyst Piascik Latest Note only ~20bp wide to TOYOTA (1-212) 834-3568

matthew.a.anavy@jpmorgan.com

GM signed an MOU with LMT to explore

GM 5.100% 2031 T+83bp Baa2/BBB AC defense parts production Carla Casella, CFA

Prefer the GM ‘31s trading ~55bp tight (1-212) 270-6798

Sector Automotive Analyst Piascik Latest Note to Ford carla.casella@jpmorgan.com

JBS 6.500% 2052 T+147bp Baa3/BBB- See ~10-15bps of tightening, closer to Arjun Chandar AC

TSN ‘48s (+91) and the 30yr BBB avg (1-212) 834-4047

Sector Consumer Analyst Casella Latest Note

(+116) arjun.c.chandar@jpmorgan.com

EUR issuance points to significant Brett G. Gibson ACVTRS 4.000% 2050 T+168bp Baa3/BB+

delevering (1-212) 270-7484

No n-t USD issuance need; FV 15bp brett.g.gibson@jpmorgan.com Sector Healthcare Analyst Gibson Latest Note

tighter AC Kevin L Kwan

Remain OW on APA; see value in long

APA 5yr CDS 5yr T+87bp Baa3/BBB (1-212) 270-9455

risk via 5yr CDS

kevin.l.kwan@jpmorgan.com

Sector Energy Analyst Anavy Latest Note See ~10bps too cheap vs peers AC Yaakov Musheyev