High Grade Weekly Spotlight

Research evidence excerpt

High Grade Weekly Spotlight

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

25 June 2026

For the Week of June 29, 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 solid, expect high

ARESSI 5.150% 2031 T+205bp Baa3/BBB- AC redemptions, but mkt becoming Yilma Abebe

comfortable, cheap to ARCC; See (1-212) 270-3265

Sector BDCs Analyst Caprihan Latest Note +20bp of tightening yilma.abebe@jpmorgan.com

New issue trading ~8bp wide to the ‘35s Matthew Anavy, CFA ACEVRG 5.300% 2036 T+ 82bp Baa1/BBB+

is attractive (1-212) 834-3568

We like vertically integrated opcos in the matthew.a.anavy@jpmorgan.com

Sector Utilities Analyst Kwan Latest Note

AI-centric environment AC Carla Casella, CFA

Moody’s revised its outlook on BMW to (1-212) 270-6798BMW 4.650% 2031 T+70bp A2/A

negative last week

carla.casella@jpmorgan.com

The ‘31s look rich, in our view, trading

Sector Automotive Analyst Piascik Latest Note Arjun Chandar AC ~15bp wide to TOYOTA

(1-212) 834-4047

See ~5-10bps of widening, closer to the

GIS 3.000% 2051 T+98bp Baa2/BBB arjun.c.chandar@jpmorgan.com 30yr BBB (+117bp)

on weak tracking data and earnings Brett G. Gibson AC

Sector Consumer Analyst Casella Latest Note

(7/1) (1-212) 270-7484

Trades rich on curve and vs peers, see brett.g.gibson@jpmorgan.com

DVN 5.200% 2034 T+71bp Baa2/BBB+

FV 5-10bp wider Kevin L Kwan AC

Sector Energy Analyst Anavy Latest Note JPM lowered oil price forecast (1-212) 270-9455

GBLATL 6.750% 2054 T+215bp Baa2/BBB Disclosures/Fireside provide comfort kevin.l.kwan@jpmorgan.com

54s too wide vs pre Mar sell-off; FV Yaakov Musheyev AC

Sector Insurance Analyst Gibson Latest Note