Credit Bulletin: Deleveraging and Growth Story Intact Despite Leadership Churn
BP is a large, globally diversified, integrated energy company based in the UK. Historically, BP operated three main business segments: (i) Oil Production &…
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Fixed Income & Credit
Fixed income research across credit spreads, bonds, liquidity, default risk and financing markets.
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The market treats BlueScope as a single cyclical steel company, but the structural divergence between US and Asian steel spreads is creating a regional…
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EM Technical Watch: Issuance to Take a Hydration Break: EM Sovereign Credit Strategy | Global
The market treats EM sovereign credit as a homogeneous asset class, but data reveals a structural divergence between high-yield and investment-grade…
EM HY Outperforming US HY Thanks To Oil: EM Sovereign and US Credit Strategy | Europe
The market broadly assumes EM HY can continue to tighten versus US HY, but the 14bp spread differential already prices in the lower oil regime. Further…
Credit Volatility Field Notes: Smile Dynamics, Spread-Vol Regimes & Implied vs Realised Skew in CDS Index Options
The market assumes CDS volatility follows a fixed smile or local volatility heuristic, but JPMorgan's research reveals a stable 'sticky strike plus' regime…
Genting Group: Cheap valuations, growing earnings, improving technicals: Initiate on GENT perp with OW
The market prices Genting Group's perpetual bonds as distressed, but the reality is a structural earnings recovery driven by New York casino EBITDA growth and…
Global Data Watch: Asia: Oil Down, Dollar Up: A Rotation in Asian Central Banks
The market assumes synchronized easing across Asian central banks, but the crude price collapse is creating a structural policy divide between oil importers…
Global forecasts: Updated forecasts for global bond yields, WTI, Brent, global equity indices, select FX/EM currency pairs and key economic forecasts, including GDP, inflation, debt and interest rates.
The market assumes global bond yields and oil prices will move in tandem or remain range-bound, but Barclays forecasts reveal a structural divergence: US…
EM Sovereign Credit Strategy | Global Rich & Cheap Watch
The market mistakenly believes EM sovereign credit risk is compressing uniformly across all ratings and regions. But actual data shows BB-rated and Asia are…
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The market treats Chipbond Technology as a pure DDIC cyclical play, ignoring that its silicon photonics (SiPh) segment is becoming a structural growth driver…
Treasury roll estimates for 2y, 5y and 7y auctions
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methods ahead of the refinancing of a ¥100bn hybrid loan (with approximately ¥50bn equity credit from rating agencies) due in October 2027. These instruments…
Global EM Weekly Local Bond Auction Calendar: Fixed-rate bond supply for EM Asia, EMEA EM, Latin America and Frontier (22-June-26 to 28-June-26)
J P M O R G A N Global Markets Strategy We summarize EM local currency fixed-coupon government bond auctions for the Emerging Markets Strategy coming week…