J.P. Morgan's daily credit research highlight's Hilcorp Energy's improved production guidance, flattening High Grade spread curves amid record-high UST yields, and Novelis' earnings miss due to operational headwinds.
Key Takeaways
- 1.Hilcorp Energy reported a soft 1Q26 but raised its FY26 production guidance to incorporate Permian asset exchange impacts, targeting 500mboe/d by 4Q26.
- 2.Credit Index Futures roll season has begun with open interest reaching $9.4bn and daily volumes averaging $1.2bn.
- 3.High Grade (HG) spread curves flattened significantly as long-end UST yields rose to 5.13%, their highest level since 2007.
Table of Contents
- Feature
- Strategy & Sector Commentary
- Company Comments
- Head of North America Credit Research and Strategy
- Important Disclosures
- History of Investment Recommendations
- Explanation of Credit Research Valuation Methodology, Ratings and Risk to Ratings
- J.P. Morgan Credit Research Ratings Distribution, as of April 04, 2026
- Other Disclosures
- Legal Entities Disclosures and Country-/Region-Specific Disclosures
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Authors
Tarek HamidSaul DoctorSilvi MantriArjun Chandar
Securities
Hilcorp EnergyHNDLINCBOE Credit Index Futures
Themes
Operational Headwinds in IndustrialsRate Volatility and Spread Compression
Regions
North AmericaUnited States