HG & HY Food for Thought: Four Score and Seven Beers Ago

Research evidence excerpt

HG & HY Food for Thought: Four Score and Seven Beers Ago

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

10 July 2026

HG & HY Food for Thought

Four Score and Seven Beers Ago

North America Corporate Credit -

Consumer, Retailing, and Food &

Beverage

Carla Casella, CFA AC

(1-212) 270-6798

carla.casella@jpmorgan.com

Equities outperformed Credit on the week. As of Friday morning, the S&P Yaakov Musheyev

gained 0.96% on the week, driven primarily by renewed strength in AI and (1-212) 834 5865

semiconductor names despite relatively narrow market breadth. The advance yaakov.a.musheyev@jpmorgan.com

was partially offset by renewed hostilities between the US and Iran with the Morgan Morrissey

deterioration of the interim truce, which disrupted Strait of Hormuz traffic and (1-212) 834-2383

pushed Brent and WTI roughly 6% and 5% higher on the week, respectively. morgan.morrissey@jpmorgan.com

Looking to next week, we get key economic data including CPI (M/M est J.P. Morgan Securities LLC

-0.1%, Core +0.2%), PPI (M/M est -0.1%, ex Food & Energy +0.4%) and

Retail Sales (M/M est +0.3%). Treasuries widened on the week, with the 5yr HY Food & Beverage Neutral

+6bps to 4.29% and the 10yr +7bps to 4.55%. The JULI returned -0.4% this ARMK Neutral (N CDS)

week, with HG Food/Bev underperforming at -0.5%. JPHY returned BGS Neutral

+0.05%, with HY Food/Bev underperforming -0.05%. By ratings, As and BCULC Neutral

DAR Neutral

BBBs were both -0.4%, while BBs +0.02%, Bs +0.13%, and CCCs -0.06%. LW Neutral (UW CDS)

PFGC Neutral

Over the last two weeks, the Trump administration is planning to pay smaller Neutral (OW ‘30s, UW

POST

meatpackers to keep slaughtering cattle, BG was affirmed at BBB+ by Fitch, CDS)

BRBR announced a new CEO, PRMWCN announced leadership changes, PRMB Neutral

THS Neutral