Credit Calls

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Credit Calls

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

18 June 2026

Thursday, June 18, 2026

Feature Head of North America Credit

Research and Strategy

Olin: An Unlikely Partnership (Jeffrey J. Zekauskas / Aaron Rosenthal, CFA) AC Tarek Hamid

JPM Credit view. The all-stock transaction is a credit positive for the OLN

(1-212) 834-5468

structure and the combined pro-forma entity will benefit from enhanced tarek.x.hamid@jpmorgan.com

integration and scale. Our base case is that the existing HUN bonds remain J.P. Morgan Securities LLC

outstanding, but note that nuanced language within the credit docs offers some

hope for a $101 Change of Control for the 29s/31s (but not the 34s). See page 3 for

additional details. Credit Calls is our daily compilation of

research reports from High Grade and

Strategy & Sector Commentary High Yield corporate credit analysts

and strategists.

HG Energy Rel Val Snapshot: U.S.-Iran Deal Update; PAA Updates 2026

Capex Guidance; Shell Pauses Buybacks; JPM 2026 Energy, Power,

Renewables Conference 6/23-6/24 (Matthew Anavy, CFA) High Grade Home Page

U.S.-Iran deal update and oil prices – The U.S. and Iran have reached a High Yield Home Page

preliminary framework deal, mediated by Pakistan, that ends active hostilities in Daily Economic Briefing

the region. President Trump declared the agreement complete on Truth Social over

Link to US Equity Research Top Stories

the past weekend, announcing that the U.S. would lift its naval blockade on Iranian

(updated 7:30am)

ports in exchange for Iran reopening the Strait of Hormuz, through which ~20%

Link to J.P. Morgan Markets pageof global oil and LNG supplies transit. The agreement extends the U.S.-Iran

ceasefire for 60 days and establishes a framework for future negotiations on Send your feedback!