JPM Daily Credit Strategy Update: Month-end trading looks to be additive to overall volumes and not substitutive; HG Spotlight published

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JPM Daily Credit Strategy Update: Month-end trading looks to be additive to overall volumes and not substitutive; HG Spotlight published

ussion of our outlook for the US HG market heading into

H2 2026 alongside a panel discussion with colleagues from Sales, Trading & Syndicate this Monday. A replay can be found

here and the slides for the call are here.

The High Grade Weekly Spotlight was published this morning. It highlights credits on which our analysts were focused over the

past week.

Figure 2: High Grade Credits in Spotlight

Highlighted bond Pricing and Ratings

Ticker Coupon Maturity T + Spread Ratings Comment

CMCSA 5.30% 2035 T+83bp A3/A- Too rich w/ spreads still inside

Sector Cable Analyst Spear Latest Note telcos after split announcement

HD 3.63% 2052 T+70bp A2/A See ~5-10bs of tightening, in line with to

Sector Retail Analyst Casella Latest Note slightly inside of TGT ‘52s (+64bp)

JCI 6.00% 2036 T+66bp Baa1/BBB+ Remain encouraged by JCI’s commercial HVAC exposure

Sector Manufacturing Analyst Piascik Latest Note JCI ‘36s trading ~10bp wide to CARR; fair value is at least flat

HCA 5.70% 2055 T+110bp Baa2/BBB Upgrade overdue and volume data looks acceptable

Sector Healthcare Analyst Gibson Latest Note Spreads still attractive; FV 10bp tighter

BRKHEC 5.80% 2055 T+119bp A3/BBB+ ~15-20bps too rich vs PCG FMBs

Sector Utilities Analyst Kwan Latest Note Risk to the downside with OR Supreme Court review

SOBOCN 6.18% 2054 T+156bp Baa3/BBB- Looks cheap on curve and vs high-beta Energy

Sector Energy Analyst Anavy Latest Note See 5-10bp of potential upside

ALLY 6.65% 2040 T+235 Baa3/BB+ Sub notes are cheap to snr and Ally is cheap to peers

Sector Banks Analyst Caprihan Latest Note Credit quality improving, NIM expansion expected.

Source: J.P. Morgan.