HG & HY Food for Thought: No Hidden Valley Ranch here! just a lot of food news over the last 2-weeks

Research evidence excerpt

HG & HY Food for Thought: No Hidden Valley Ranch here! just a lot of food news over the last 2-weeks

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

26 June 2026

HG & HY Food for Thought

No Hidden Valley Ranch here! just a lot of food news

over the last 2-weeks

North America Corporate Credit - Credit outperformed equities on the week. As of Friday afternoon, the S&P

Consumer, Retailing, and Food &

declined ~2% on a rotation out of higher-beta growth stocks. Oil prices were Beverage

volatile with tensions in the Middle East escalating and de-escalating; a steady

Carla Casella, CFA AC supply of goods through the Strait of Hormuz is still the key question. Our global

(1-212) 270-6798

commodity strategist, Natasha Kaneva, now forecasts Brent averaging $86 in carla.casella@jpmorgan.com

3Q26 and $80 in 4Q26, exiting the year at $78 (down from ~$100), falling further

Yaakov Musheyev

in ‘27 (full note here). Treasuries tightened on the week, with the 5yr -10bps to (1-212) 834 5865

4.13% and the 10yr -9bps to 4.37%. Credit markets were mixed with higher- yaakov.a.musheyev@jpmorgan.com

quality slightly outperforming. The JULI returned +0.3% with HG Food/Bev Morgan Morrissey

outperforming, +0.4%, whereas JPHY gave up 0.06%, with HY Food/Bev (1-212) 834-2383

outperforming, +0.10%. By rating, As +0.3%, BBBs +0.3%, while BBs unch, morgan.morrissey@jpmorgan.com

Bs -0.08%, and CCCs -0.29%. J.P. Morgan Securities LLC

Over the last two weeks, EAT announced its redeeming its $350mn 8.250%

senior notes due 2030, HSY’s outlook was changed to Stable from Negative by Ratings

Moody’s, IFF entered into a $1bn delayed draw term loan, KDP announced HY Food & Beverage Neutral

leadership changes, KO’s dispute with the IRS went to a federal appeals court, ARMK Neutral (N CDS)