High Grade Weekly Spotlight

Research evidence excerpt

High Grade Weekly Spotlight

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

16 July 2026

For the Week of July 20, 2026

Table 1: High Grade Credits in Spotlight US Credit Research

Highlighted Bond Pricing and Ratings Kabir Caprihan, CFA AC

Ticker Coupon Maturity T + Spread Ratings JPM View (1-212) 834-5613

kabir.x.caprihan@jpmorgan.com

GIS 5.250% 2035 T+79bp Baa2/BBB See ~5-10bs of widening on weaker

Yilma Abebe AC

consumer and inflationary pressures,

Sector Consumer Analyst Casella Latest Note closer to 10yr BBB average (+111) (1-212) 270-3265

yilma.abebe@jpmorgan.com

PJM capacity auction supports strong

VST 6.875% 2032 T+126 Ba1/BBB- AC power fundamentals Matthew Anavy, CFA

Sector Utilities Analyst Kwan Latest Note ~10-15bps upside to peers (1-212) 834-3568

matthew.a.anavy@jpmorgan.com

Continue to view waste services

RSG 5.000% 2036 T+68bp A3/A- AC fundamentals favorably Carla Casella, CFA

See value in the ‘36s trading ~10bp (1-212) 270-6798

Sector Manufacturing Analyst Piascik Latest Note wide to WM carla.casella@jpmorgan.com

Trades rich given market, operational, Arjun Chandar ACMOS 5.625% 2043 T+115bp Baa2/BBB

and balance sheet risks, (1-212) 834-4047

in addition to potential downward rating arjun.c.chandar@jpmorgan.com Sector Chemicals Analyst Rosenthal Latest Note

agency actions AC Kevin L Kwan

CPGX 5.507% 2036 T+102bp Baa1/BBB+ New CPGX 10yr has lagged (1-212) 270-9455

Reiterate OW and see ~10-15bp of kevin.l.kwan@jpmorgan.com Sector Energy Analyst Anavy Latest Note

upside AC Yaakov Musheyev

Positive S&P outlook and already-IG

LADR 7.00% 2031 T+83bp Baa3 / BB+ (1-212) 834 5865

Moody’s/Fitch point to an S&P

yaakov.a.musheyev@jpmorgan.com

IG upgrade by ~1H27 (or sooner) and

Sector REITs Analyst Streeter Latest Note Evan Piascik AC ~10–20bp potential tightening.