Consumer & Retail Rollbacks & Resilience

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Consumer & Retail Rollbacks & Resilience

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Consumer & Retail

Rollbacks & Resilience

Industry Overview

Supply strikes Retail, but June spend is robust 13 July 2026

Despite only a modest move wider in the market last week, we saw a high degree of High Grade Credit

variability at both the macro and sector-level. Oil prices rose $4/bbl (Brent ~$77) United States

following new strikes that threaten a fragile U.S.-Iran ceasefire while hyperscalers and Retailing & Consumer

the retail index were pressured by Amazon’s (AMZN) surprise $25bn issuance which Brian Callen, CFA

came with +15bps concession yet books only 1.4-1.9x oversubscribed as investors Research Analyst

monitor the FY27 capex outlook across the group. Encouragingly for the Consumer, BAC BofAS+1 646 855 8987

aggregated credit and debit card data showed total spending per household increased brian.callen@bofa.com

+6.3% y/y in June, the highest growth in 4 years, led by discretionary spending. ‘K’- Avantika Pedamallu

shaped trends also further converged with both wages and spending narrowing between ResearchBofAS Analyst

high (+4.2% wages | +5.8% spend y/y) and low income (+4.1% wages | +4.8% spend y/y) +1 646 855 7557

avantika.pedamallu@bofa.com

consumers. The ICE BofA IG Index widened +2bp (-0.62% TR) w/w, underperforming

equities +1.2% w/w. Cyclicals (+4bps) underperformed returning to -0.97% vs. Non-

Cyclicals (+2bps) which traded in-line, returning -0.60%. New issuance was $53.2bn for

Exhibit 1: Markets w/e 07/10/26the week including $850mn from AutoZone.

Last week's market performance

In Beverages (+2bps), PepsiCo’s (PEP) 2Q26 results underwhelmed as organic sales Market Value WoW

missed on softer N. America results (salty snacks posted barely positive volume growth IG ICE BofA Index 77 +2