Credit Calls

Research evidence excerpt

Credit Calls

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

30 June 2026

Tuesday, June 30, 2026

Feature Head of North America Credit

Research and Strategy

High Yield Metals & Mining: 2026 Midyear Outlook: Is It Time for More AC Tarek Hamid

Growth Financing? (Arjun Chandar)

(1-212) 834-5468

We remain Neutral HY Metals/Mining heading into 2H26 as spreads remain tarek.x.hamid@jpmorgan.com

justifiably tight to the index. As of June 29, the HY Metals/Mining Index traded J.P. Morgan Securities LLC

at 6.65%, ~65bp inside the JPM HY Index. The sector has returned 1.71%, roughly

through the midpoint of 2026 on a YTD basis, underperforming JPM HY by ~20bp.

HY Metals/Mining continues to be characterized by a strong BB concentration, Credit Calls is our daily compilation of

underpinning relatively tight spreads. We note that commodity prices remain research reports from High Grade and

supportive across most of the metals complex and balance sheets remain very High Yield corporate credit analysts

strong, suggesting low defaults and continued fundamental improvement. We and strategists.

would highlight names like CMC and CRS as potential rising star candidates given

scale and balance sheet strength and expect no near-term re-entrants into HY from High Grade Home Page

IG as fallen angels. We believe BB Metals/Mining names are appropriately valued

High Yield Home Pageand see tactical opportunities for compression in downstream Aluminum and

Steel. Daily Economic Briefing

Link to US Equity Research Top Stories

Strategy & Sector Commentary (updated 7:30am)

Link to J.P. Morgan Markets pageHG Credit Foreign Demand Monitor: FAB index inches up as foreign yields

decline but overnight buying down sharply to a 4m low (Nathaniel Rosenbaum, Send your feedback!

CFA / Silvi Mantri)