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 Research

(44-20) 7134-1539 15 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

Buy Equity Downside Funded By Credit Carry and Rolldown 01-Jul Implied vs Realised Skew 01-Jul

Buy Main 5s10s Steepeners Hedged with 1x2 Payer Spread 01-Jul CDX Financials has started clearing 03-Jun

Sell HYG Straddle to Fund Vol in Components 01-Jul Credit Index Futures Roll 20-May

US Conditional compression in a selloff 03-Jun LINTA default impact on CDX Indices 06-May

Carry the Summer: Long EUR HY Futures with Xover Payer Hedge 03-Jun Replicating the Agg with Futures 29-Apr

Short Main 0-6% with Delta 20-May CDX.Financials S46 Trading Commences 15-Apr

Short USD IG Autos via Bond Baskets 20-May New Single-name CDS Dataset in DataQuery 15-Apr

Buy Main 3s5s Flatteners. 13-May Macro Credit Performance in 2026. 25-Mar

Duration risk upside funded by credit risk upside: TLT calls vs LQD CDX.HY S46 Roll Preview 25-Mar

13-May

calls.

iTraxx S45 European Suite and CDX.IG S46 Roll Recap 25-Mar

Decompression CDX.HY ex-equity vs IG Sen Mezz 06-May

Credit Market Exposure to Software Names 11-Feb

Decompression via Mezzanine Tranches: 10-20 vs 6-12 29-Apr

iTraxx Europe Roll Preview 11-Feb

Long US versus Europe Financials 22-Apr

NFE Fin impact on CDX indices 14-Jan

US HG Negative Basis 22-Apr

Liquidity in Credit Derivatives: Full Year 2025 Update 14-Jan

US compression in a recovery 15-Apr

CDS Post-Trade Transparency comes to the UK 10-Dec

Short US Transportation Basket with a CDS Hedge 01-Apr

Making History for CDS Index Options 10-Dec