JPM Daily Credit Strategy Update: With hyperscaler spreads at fresh wides, earnings will be a crucial catalyst; Curveball: 5s10s near 1yr steeps and CD Player published

研报英文原文证据摘录

JPM Daily Credit Strategy Update: With hyperscaler spreads at fresh wides, earnings will be a crucial catalyst; Curveball: 5s10s near 1yr steeps and CD Player published

Nathaniel Rosenbaum, CFA AC (1-212) 834-2370 Pavan D Talreja, CFA (1-212) 834-2051 North America Credit Research J P M O R G A Nnathaniel.rosenbaum@jpmorgan.com pavan.talreja@jpmchase.com

J.P. Morgan Securities LLC J.P. Morgan Securities LLC 15 July 2026

Silvi Mantri (1-212) 834-7239

silvi.mantri@jpmchase.com

J.P. Morgan Securities LLC

JPM Daily Credit Strategy Update

With hyperscaler spreads at fresh wides, earnings will be a crucial catalyst; Curveball:

5s10s near 1yr steeps and CD Player published

If you find our daily research helpful to your investment process, we kindly ask that you take the time to reflect this in the

Extel survey which is now open. We would appreciate your consideration in the USA-Investment Grade Strategy category.

Despite a slightly better macro tone post CPI, hyperscaler spreads continued to leak wider yesterday. In our recent Growing

Pains report, we calculate a custom hyperscaler index and isolate their impact: YoY, JULI is unchanged whereas the hyperscaler

index is 65bp wider, which in turn implies that JULI ex-hyperscaler is in fact 3bp tighter. In other words, the hyperscalers are

trading in a vacuum almost as if they were a separate market, to which there is an element of truth considering how different the

net issuance technical is for them versus the broader market. At these levels, most investors we’ve spoken with lately concur that

hyperscalers are indeed cheap for the rating but they remain fearful of the unpredictable nature of their issuance technical into and

post their earnings releases.

Figure 1: Hyperscalers 65bp wider YoY vs.