Credit Calls

Research evidence excerpt

Credit Calls

ediately post GFC, large USD HG issuers

routinely represented 3–8% of the benchmark for extended periods of time, while today

smaller and less liquid non-USD corporate credit markets currently function well with issuers

accounting for 5–17% of their respective indices. By our estimates, the hyperscalers could

collectively issue ~$1.7tr of additional USD HG debt before they would hit a theoretical 3%

index-weight, a level which could trigger more risk-limit scrutiny.

High Yield Energy: U.S. Basin Map Book – July 2026 Edition (Tarek Hamid)

You say impossible, but all I hear is ‘I’m possible’. Our refreshed basin map book aims to

consolidate the vast amount of acreage and infrastructure data we have by company into a

simple desk reference. We also included our updated Midstream infrastructure positions in

our Map Book for AM, GEL, HESM, KNTK and TEP. The midstream maps show producer

counter-party exposure for select midstream companies and could prove useful for assessing

G&P expansion opportunities as well as potential Midstream combinations.

High Yield Metals & Mining: 2Q26 Earnings Preview: Five Storylines To Watch (Arjun

Chandar)

We preview calendar 2Q26 reporting season, including five themes to watch in HY

Metals/Mining. Earnings season kicks off this week with AA reporting results after the bell

on Thursday, July 16. HY Metals/Mining Q1 prints were mixed, in our view, with reasonable

top-line performance buoyed by commodity price strength/resilience offset by input cost

inflation resulting in some mild downward guidance revisions in the quarter. Balance sheets

are collectively strong across the space. Given that backdrop, we will be keeping a close eye

on capital allocation plans, including shareholder return policies, organic growth aspirations