JPMorgan North America Corporate Credit – Distressed, High Yield and Leveraged Loan Strategy
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Abstract
JPMorgan's North America corporate credit strategy note on distressed, high yield and leveraged loans takes a chart-pack format. The exhibits open with core market barometers: high yield bond spreads and yields, plus the spread differential between investment-grade and high-yield indices, showing how much compensation investors demand at the risky end of the credit spectrum. A performance exhibit tracks high yield total returns, while charts on new-issuance activity and the supply-demand balance address the technical picture: how much paper is reaching market against the cash available to absorb it. The pack closes with an overview of the CLO market, a key investor base for leveraged loans, linking loan fundamentals with structured-finance demand. Together the exhibits deliver a compact read on high-yield valuation, momentum, issuance and technicals, and on the structured vehicle that channels leveraged-loan exposure to end investors. The note is produced within JPMorgan's North America credit research group and credited to Nelson Jantzen, CFA.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
Exhibit 8
Exhibit 9
