Sales & Trading EMEA Macro Credit Trading

Research evidence excerpt

Sales & Trading EMEA Macro Credit Trading

Sales & Trading

EMEA Macro Credit Trading J P M O R G A N

13 July 2026

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Trader Commentaries

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iTraxx On-the-Run

• After a quiet start, activity picked up mid-week on renewed escalation on the US-Iran front. Markets however shrugged

off the weakness quickly with Main only reaching the mid-52s despite oil gaining ~6% on Wednesday. HFs turned sellers

of protection quite decisively into the end of the week while systematics and quants were the main buyers, taking profits

on longs. Itraxx still trading relatively tight vs VGA as European stocks were the most hit on Wednesday's weakness until

some weakness into Friday’s close with main back towards the 52 handle.

• On RVs, XO\Main continued to be a very directional trade, with buyers of XO on the weakness driving some local

decompression while on the moves tighter XO strongly outperformed feeling particularly offered, in particular after ION

reported strong numbers on Thursday. Fins offered with skews printing on the offer side of single names driving

compression in sub/snr.

iTraxx Curves

• Off to a quiet start before finding some more action on Wednesday.

• Main 5s10s were flatter on the week on the back of profit taking flows. We started seeing some more buying at the end of

the week and think this can steepen a bit from here.

• Main and Fins rolls saw muted activity with some marginal roll selling in Main.

• XO Rolls were the topic of the week (again).