CD Player: Market Themes and Relative Value Trade Ideas in the Credit Derivatives Market

Research evidence excerpt

CD Player: Market Themes and Relative Value Trade Ideas in the Credit Derivatives Market

Saul Doctor AC Global Credit Derivative and Index Research

(44-20) 7134-1539 01 July 2026 J P M O R G A N

saul.doctor@jpmorgan.com

Table 2: Recent Trade Ideas Table 3: Recent Market Themes

Recent Trade Ideas Recent Market Themes

US Conditional compression in a selloff 03-Jun CDX Financials has started clearing 03-Jun

Carry the Summer: Long EUR HY Futures with Xover Payer Hedge 03-Jun Credit Index Futures Roll 20-May

Short Main 0-6% with Delta 20-May LINTA default impact on CDX Indices 06-May

Short USD IG Autos via Bond Baskets 20-May Replicating the Agg with Futures 29-Apr

Buy Main 3s5s Flatteners. 13-May CDX.Financials S46 Trading Commences 15-Apr

Duration risk upside funded by credit risk upside: TLT calls vs LQD calls. 13-May New Single-name CDS Dataset in DataQuery 15-Apr

Decompression CDX.HY ex-equity vs IG Sen Mezz 06-May Macro Credit Performance in 2026. 25-Mar

Decompression via Mezzanine Tranches: 10-20 vs 6-12 29-Apr CDX.HY S46 Roll Preview 25-Mar

Long US versus Europe Financials 22-Apr iTraxx S45 European Suite and CDX.IG S46 Roll Recap 25-Mar

US HG Negative Basis 22-Apr Credit Market Exposure to Software Names 11-Feb

US compression in a recovery 15-Apr iTraxx Europe Roll Preview 11-Feb

Short US Transportation Basket with a CDS Hedge 01-Apr NFE Fin impact on CDX indices 14-Jan

Buy equity downside funded by selling credit downside 01-Apr Liquidity in Credit Derivatives: Full Year 2025 Update 14-Jan

Selling Credit Vol (Responsibly): Main Iron Butterfly 01-Apr CDS Post-Trade Transparency comes to the UK 10-Dec

Main Super Senior Hedged with 5s10s Flattener 25-Mar Making History for CDS Index Options 10-Dec