Credit Calls

Research evidence excerpt

Credit Calls

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

14 July 2026

Tuesday, July 14, 2026

Feature Head of North America Credit

Research and Strategy

Summer Reading: TMT Reference Sheet & Ratings Changes (Erica R Spear) AC Tarek Hamid

We are today publishing the July iteration of our TMT Reference Sheet, our

(1-212) 834-5468

monthly refresh of relative value views and key catalysts across our coverage. tarek.x.hamid@jpmorgan.com

These can be found on pages 5 and 6, in which we sort all of our issuers by where J.P. Morgan Securities LLC

we believe they shouldtrade relative to one another in the 10yr bucket of the cash

curve. We also highlight parts of the curve in green and red for those issues that

screen as cheap and rich, respectively, and have adjusted the spreads by 0.17bp per Credit Calls is our daily compilation of

cash point to make these notes comparable. We also make 10 ratings changes research reports from High Grade and

across our coverage universe. High Yield corporate credit analysts

and strategists.

Transportation Credit: Reshuffling Rail / Parcel Recs: CNRCN N to UW,

BNSF UW to N, UNP UW to N, NSC N to OW, UPS OW to N (Mark Streeter, High Grade Home Page

CFA)

High Yield Home PageLast month (10-June) we upgraded our sector view on Rail credit from

Underweight to Neutral based on multiple factors, as outlined below (click here for Daily Economic Briefing

the report): Link to US Equity Research Top Stories

“Our call entering the year on Transportation was Neutral with mixed results YTD. (updated 7:30am)

Specifically, on an excess return basis, Transports have slightly outperformed, Link to J.P. Morgan Markets page

particularly the longer duration subsectors of Rails and Freight while the shorter-

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