Curveball: HG Credit Curve Opportunities: Spread curves steepened despite higher yields; hyperscaler 10s30s curve off its steepest level

Research evidence excerpt

Curveball: HG Credit Curve Opportunities: Spread curves steepened despite higher yields; hyperscaler 10s30s curve off its steepest level

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

28 July 2026

Curveball: HG Credit Curve

Opportunities

Spread curves steepened despite higher yields;

hyperscaler 10s30s curve off its steepest level

• High grade spread curves steepened last week despite JULI yields 8bp higher North America Corporate Credit -

and spreads 3bp wider to 94bp. The 3s5s curve steepened 1.3bp to 17.3bp, near Investment Grade Strategy

its steepest level since June 2025. The 5s10s curve also steepened 1.3bp WoW Silvi Mantri AC

to 28.2bp, near its steepest level since April 2025. The 10s30s spread curve (1-212) 834-7239

steepened 0.6bp WoW to 20.7bp, or 93% of its 1yr range and the widest since silvi.mantri@jpmchase.com

early March (22bp widest then). Ex-Hyperscalers, the 10s30s curve is 18.2bp, Nathaniel Rosenbaum, CFA

+1.7bp WoW, while the much steeper Hyperscaler 10s30s curve at 37bp was (1-212) 834-2370

actually flatter by 6bp WoW from its steepest level YTD last week. The 2s30s nathaniel.rosenbaum@jpmorgan.com

J.P. Morgan Securities LLC

UST curve flattened 9bp, as front-end Treasury yields rose 12bp amid the

hawkish shift from FOMC members.

• The 3s5s curve steepened by 1.3bp WoW and by 1.2bp MoM to 17.3bp. The J.P. Morgan Securities plc is acting as financial adviser to

3s5s issuer curves for META (10bp WoW) and LLY (9bp WoW) steepened the Prologis, Inc. in relation to its possible all-share offer for

most while BALN (-6bp WoW) and MAR (-6bp WoW) flattened the most SEGRO plc (”SEGRO”), as announced on 24th June 2026.

This research report and the information contained herein is

WoW.