Cracking Credit: JPM High Grade & High Yield Chemicals Weekly

Research evidence excerpt

Cracking Credit: JPM High Grade & High Yield Chemicals Weekly

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

26 June 2026

Cracking Credit

JPM High Grade & High Yield Chemicals Weekly

Welcome to this week's issue of Cracking Credit. JULI Chemicals (ex EM) has North America Corporate Credit -

returned 230bp YTD compared to the total return of 118bp for the broader JULI (ex Chemicals and Energy (HY)

EM). Over the last week, Chemicals has returned 45bp vs 57bp for the broader JULI. Aaron Rosenthal, CFA AC

Our J.P. Morgan HY Chemicals Index has returned 456bp year to date compared to (1-212) 270-4584

the total return of 195bp for the broader J.P. Morgan HY Index. Over the last week, aaron.rosenthal@jpmorgan.com

Chemicals has returned 3bp vs -4bp for the broader HY Index. Elle Boyd

(1-212) 270-7283

Key News This Week: elle.boyd@jpmchase.com

J.P. Morgan Securities LLC

• Chemours on Wednesday announced a settlement resolving the federal

government's claims relating to discharge of PFAS compounds across three

current operating sites, as well as certain environmental claims by the State of

West Virginia. Note that the $450 million headline settlement figure (reported

by the AP) is not a lump sum payment. Chemours’ press release did not

explicitly call out the $450 million figure. On a related Chemours note, heavy

rainfall in recent weeks has reportedly de-risked the immediate near-term

water supply issues in Corpus Christi, TX.

• INEGRP on Tuesday announced that, “the two vessels carrying the two

remaining modules for Project ONE have passed through the Strait of Hormuz,

and are now preparing for their onward voyage to Antwerp”. No additional

details were provided, but we note the company’s prior messaging called for

a 2Q27 mechanical completion with startup in 2H27.