JPM Daily Credit Strategy Update

Research evidence excerpt

JPM Daily Credit Strategy Update

J.P. Morgan Securities LLC North America Credit Research

Nathaniel Rosenbaum, CFA AC 21 July 2026 J P M O R G A N

(1-212) 834-2370

nathaniel.rosenbaum@jpmorgan.com

The EUR market a good example that sheer volume of Tech supply matters more than

concentration limits or poor ESG ratings for some hyperscalers; Foreign Demand Monitor

published

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We’ve been pushing back for the last few days on the notion that issuer concentration limits are an impediment to hyperscaler

spreads (See Growing Pains report last week). Another angle on this same dynamic in our view is to look across the pond at the

Euro market, which has been on the receiving end of a record amount of Reverse Yankee issuance YTD ($163bn USD-equivalent,

up 26% y/y) which in turn created a fair bit of concentrations in US tech companies within the Euro tech index. Below we show

the top 10 Euro vs USD tech issuers in the relevant Bloomberg indices for an apples to apples comparison (we note both indices

have the same A2/A3 average rating and Bloomberg classifies AMZN as Consumer Cyclical rather than Tech):

Figure 1: Largest issuers in the Bloomberg EUR and USD IG index

ISIN Par Val (€bn) Weight in EUR Tech index ISIN Par Val ($bn) Weight in USD Tech index

GOOGL 22 19.38% ORCL 117 12.84%

IBM 18 15.08% AAPL 66 6.99%

CAPFP 7 6.32% AVGO 54 6.51%

SAPGR 6 5.42% GOOGL 51 5.97%

V 5 4.49% INTC 47 5.35%

FISV 5 4.38% CRM 34 4.05%

IFXGR 5 4.16% NVDA 33 3.96%

RELLN 4 3.85% IBM 33 3.93%

WKLNA 4 3.35% MSFT 34 3.03%

EQIX 4 3.35% DELL 23 2.98%