HG & HY Weekly Register

研报英文原文证据摘录

HG & HY Weekly Register

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

17 July 2026

It’s “explosive,” better stick with the hot dogs. . . ¡Vamos

por la copa!

North America Corporate Credit -

Consumer, Retailing, and Food &

Beverage

Carla Casella, CFA AC

(1-212) 270-6798

carla.casella@jpmorgan.com

Credit outperformed equities on the week, with HY > HG. As of Friday Yaakov Musheyev

morning, the S&P gave up 0.11%, dragged down by tech and no resolution (1-212) 834 5865

between the US and Iran (Brent Crude up $3 to $86 on the week). Benign CPI yaakov.a.musheyev@jpmorgan.com

and decent retail sales were not enough to pull markets higher. Treasuries Morgan Morrissey

were relatively flat, with the 5yr -1bps to 4.27% and the 10yr flat at 4.56%. (1-212) 834-2383

The JULI and JULI Retail sub-sector both gave up -0.1% this week. morgan.morrissey@jpmorgan.com

JPHY returned +0.06%, with HY Retail +0.22%. Lower-quality J.P. Morgan Securities LLC

outperformed, As and BBBs were both -0.1%, while HY gained — BBs

+0.03%, Bs +0.06%, and CCCs +0.20%. HY Retail Underweight

AAP Neutral

Call it an “explosive” week in retail – mostly in tangential human interest ACI Underweight

stories. Solid retail sales imply consumers are still out shopping, with June BBWI Neutral (OW ’33s/’37s)

sales coming in better than May for 8 key categories. Other press was more GAP Neutral

muted in retail this week, with AAP replacing a shelf, BBWI entering Brazil, KSS Overweight (OW CDS)

M hiring Kering’s US CEO to lead Bluemercury, QVC emerging from M Overweight (N CDS)

bankruptcy, and we added UPBD to our Dallas Retail & Restaurant visits MIK Overweight

(Sept 14-16). Next week we have earnings from CSWHOL (Private) and

MUSA Neutral (OW ‘27s)

GPC (7/21) and ACI (7/23). We have included our full 2Q26 HG & HY

JWN NR