High Grade Weekly Spotlight: For the Week of July 13, 2026

Research evidence excerpt

High Grade Weekly Spotlight: For the Week of July 13, 2026

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

09 July 2026

High Grade Weekly Spotlight

For the Week of July 13, 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

Maintain VICI at OW despite concerns

VICI 5.625% 2035 T+115bp Baa3/BBB- surrounding the impact of a CZR go- Yilma Abebe AC

private (1-212) 270-3265

See 10bp of upside when the dust yilma.abebe@jpmorgan.com

Sector REITs Analyst Streeter Latest Note

settles AC Matthew Anavy, CFA

VZ 5.875% 2055 T+121bp Baa1/BBB+ Too tight vs. AT&T, TMUS, CMCSA & (1-212) 834-3568

Sector Telecom Analyst Spear Latest Note META long bonds matthew.a.anavy@jpmorgan.com

2Q’26 redemption requests reported Carla Casella, CFA ACOCINCC 6.550% 2031 T+235bp Baa2/BBB-

better than feared (1-212) 270-6798

Sector BDCs Analyst Caprihan Latest Note See 15bp of tightening carla.casella@jpmorgan.com

Remain constructive on STLA’s Arjun Chandar ACSTLA 5.800% 2031 T+181bp Baa3/BBB-

operational turnaround (1-212) 834-4047

See value in the ‘31s trading ~40bp arjun.c.chandar@jpmorgan.com Sector Automotive Analyst Piascik Latest Note

wide to Ford AC Brett G. Gibson

CAG 5.750% 2035 T+109bp Baa3/BBB- See ~15-20bps of tightening on (1-212) 270-7484

expected dividend cut and deleveraging brett.g.gibson@jpmorgan.com Sector Consumer Analyst Casella Latest Note

with earnings (7/15) AC Kevin L Kwan

View recent DOE loan of $3.26bn loan

AEP 5.200% 2035 T+88bp Baa3/BBB+ (1-212) 270-9455

as credit positive

kevin.l.kwan@jpmorgan.com

See ~10bp of tightening to AEP OpCo

Sector Utilities Analyst Kwan Latest Note Yaakov Musheyev AC peers