APAC Credit Roundup: Weekly Review: Week ended June 26

Research evidence excerpt

APAC Credit Roundup: Weekly Review: Week ended June 26

J P M O R G A N Asia Pacific Credit Research

29 June 2026

APAC Credit Roundup

Weekly Review: Week ended June 26

• Weekly Review — A big lift from Treasuries Asia Pacific Credit Research

• US HG - Spreads widened amid heavy supply Soo Chong Lim AC

(852) 2800-7387

• Asia financials - Broad-based spreads widening across country-sectors soochong.lim@jpmorgan.com

• China IG - Mild increase thanks to lower UST yields J.P. Morgan Securities AC(Asia Pacific) Limited Matthew Hughart

• China HY - Declines across Property and Industrials (852) 2800-6518

• Hong Kong - Modest gains across IG and HY matthew.hughart@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

AC• Asia gaming - Mixed IG/HY performance translated into a flat sector return Alvin Au

• Indian Corporates - Mixed performance compared to peers (852) 2800-8533

alvin.au@jpmorgan.com

• Indonesian Corporates - Headline risk remains the key driver J.P. Morgan Securities (Asia Pacific) Limited

Aman Aggarwal AC

(852) 2800-0081

aman.aggarwal@jpmchase.com

Weekly Review — A big lift from Treasuries Shirley Yau AC

(852) 2800-0566

Asian credit rebounded on lower UST yields. The JACI delivered +0.26% total shirley.yau@jpmorgan.com

return last week, driven primarily by a sharp rally in U.S. Treasuries. In contrast, J.P. Morgan Securities (Asia Pacific) Limited

credit spreads widened 2bp to SOT+87. The catalyst was a steep drop in Brent Emma Xing AC

crude to the low US$70/bbl area, nearly back to pre–Middle East conflict levels, (852) 2800-8727

which helped pull UST yields materially lower across the curve—led by the 5- and emma.xing@jpmorgan.com

7-year tenors (both ~10bp lower). The latest gain takes JACI YTD total return to J.P. Morgan Securities (Asia Pacific) Limited