Cracking Credit: JPM High Grade & High Yield Chemicals Weekly

Research evidence excerpt

Cracking Credit: JPM High Grade & High Yield Chemicals Weekly

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

31 July 2026

Cracking Credit

JPM High Grade & High Yield Chemicals Weekly

North America Corporate Credit -

Chemicals and Energy (HY)

Aaron Rosenthal, CFA AC

(1-212) 270-4584

aaron.rosenthal@jpmorgan.com

Welcome to this week's issue of Cracking Credit. JULI Chemicals (ex EM) has Elle Boyd

returned 55bp YTD compared to the total return of -77bp for the broader JULI (ex (1-212) 270-7283

elle.boyd@jpmchase.com

EM). Over the last week, Chemicals has returned -24bp vs -31bp for the broader JULI. J.P. Morgan Securities LLC

Our J.P. Morgan HY Chemicals Index has returned 411bp year to date compared to

the total return of 166bp for the broader J.P. Morgan HY Index. Over the last week,

Chemicals has returned -35bp vs -39bp for the broader HY Index.

Ticker Earnings Guidance Comment Link

INEGRP Mixed Mixed P1 back on track; Remain Underweight. Link

STYRO Soft Mixed Curious capital allocation; Line-of-sight to PVC ADDs by YE26. Link

SHW Solid Positive Market share gains; Announced PSG +8% px increase for 9/1. Link

MXCN In-line Mixed Methanol prices normalizing; Deleveraging story intact. Link

PPG Soft Reaffirmed Price efforts potentially covering inflation by 4Q26 (v. 1Q27 prior). Link

FMC Decent Negative Capital structure risks into 2027 back in focus; Bonds trade tight. Link

SOLS Solid Positive Constructive FY26 outlook; Focused on pending ESI acquisition. Link

EMN Favorable Mixed Higher spreads in CI in 2Q; FY26 OCF guidance -$100mm v. prior. Link

OLN Decent Soft Lingering VCM asset headwinds into 3Q; Focused on HUN merger. Link

HUN Decent Soft Lingering RCF and A/R borrowings; Shareholder meeting (8/25). Link

Key News This Week: