Sales & Trading EMEA Macro Credit Trading

Research evidence excerpt

Sales & Trading EMEA Macro Credit Trading

Sales & Trading

EMEA Macro Credit Trading J P M O R G A N

27 July 2026

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Trader Commentaries

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Cash & ETF

• I believe we're back to ping pong news stage ... The week has been pretty weak with one way selling on my side via ETF/

Futures/TRS both in IG and HY as the conflict between US and Iran continued to escalate and disapointing results from

google and tesla. Today, we reached 5bps cheap to Fair Value in LXY, 2bps cheap in IEAC and 35c cheap in AHW/IHYG

with sellers at these levels. But we're starting to erase that weakness into the close as new hopes over negotiations have

emerged, with itraxx is closing tighter on the day...

• WoW:

IEAC +2bps

IHYG unch

iTraxx Curves

• Market finally woke up and we saw some good trading in curves.

• 3s5s and 5s7s are both sides of unchanged on the week.

• 5s10s went 0.1-0.2 flatter on the widening on Thursday before people came back to buy the dip on Friday with 5 different

lifts in 20mins at the close.

iTraxx Rolls

• This is where the activity was all week.

• XO Rolls were initially steeper with profit taking flow to start the week offset by SN moves in VMED / Sunrise.

• The widening on Thursday and price action kicked start again the flattening on these with ALTICE and STYRO weaker

and accounts setting new flatteners.

• Main and Fins were more muted with some flatteners trading here and there but overall pretty orderly.

iTraxx Options