Credit Calls

Research evidence excerpt

Credit Calls

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

17 July 2026

Friday, July 17, 2026

Feature North America Corporate Credit -

Energy (HY)

High Grade Manufacturing: 3Q26 Handbook (Evan Piascik) AC Tarek Hamid

There are more important things in life than winning or losing a game.We

(1-212) 834-5468

refreshed our High Grade Manufacturing Handbook ahead of the 2Q26 earnings tarek.x.hamid@jpmorgan.com

cycle beginning next week. Data center and AI infrastructure demand remains a J.P. Morgan Securities LLC

dominant theme across the sector while supporting order and backlog growth for

the credits with related exposure. Tariffs have remained topical given the updated

structure for steel and aluminum tariffs under Section 232 that are now based on Credit Calls is our daily compilation of

finished product value (see our 2026 Mid-Year Outlook for additional details), but research reports from High Grade and

direct tariff impacts remain manageable overall. The Middle East conflict emerged High Yield corporate credit analysts

as an incremental headwind in 1Q26 given the higher fuel/logistics, raw material and strategists.

cost inflation, and broader macroeconomic weakness that have pressured

performance, though we note that the direct impacts are generally immaterial High Grade Home Page

across our coverage. Please find within our updated thoughts on CARR, CAT, DE,

High Yield Home PageETN, EMR, GEV, HON, IR, JCI, MMM, OTIS, RRX, RSG, TT, VRT, WCNCN,

and WM. Daily Economic Briefing

Link to US Equity Research Top Stories

High Yield Energy: Oily E&P Model Book Update (Tarek Hamid) (updated 7:30am)

Failure is part of success.The end of the ceasefire in Iran has driven a wild ride Link to J.P. Morgan Markets page

in crude oil prices.