Credit Calls

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Credit Calls

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

01 July 2026

Wednesday, July 01, 2026

Feature Head of North America Credit

Research and Strategy

High Yield Lodging: Room Service: Initiation of Coverage on the High Yield AC Tarek Hamid

Lodging Sector (Stanislav R Van Genderen)

(1-212) 834-5468

We are initiating coverage of the High Yield Lodging sector, which includes tarek.x.hamid@jpmorgan.com

Lodging REITS, traditional C-Corps, as well as Timeshare credits. We are J.P. Morgan Securities LLC

now including these within our overall Underweight rating on the HY Gaming,

Lodging & Leisure (GLL) sector. HY Lodging is one of the tightest-trading

subsectors in the JPM HY Index. In fact, Lodging currently trades at a 5.71% YTW, Credit Calls is our daily compilation of

or approximately 154bps through the overall JPM HY Index (7.25%), and 90bps research reports from High Grade and

tight the broader GLL sector (6.61%). Interestingly, the subsector has traded ~143 High Yield corporate credit analysts

bps through the HY index on average over the last 5yrs— leaving current levels and strategists.

tighter than the historical mean and still firmly at the tight end of HY. Combined

with solid YTD performance, management preferences for returning capital to High Grade Home Page

shareholders (vs. deleveraging; in some cases structurally constrained), and a lack

High Yield Home Pageof near-term positive credit catalysts, we see limited room for the subsector to grind

tighter. Daily Economic Briefing

Link to US Equity Research Top Stories

The Home Depot: Becoming More “Constructive” on Relative Value - (updated 7:30am)

Upgrading to Neutral (Carla Casella, CFA) Link to J.P. Morgan Markets page

We are upgrading Home Depot (HD) to Neutral from Underweight on a

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