North America Credit Research 13 July 2026 JPM High-Yield and Leveraged Loan Morning Intelligence 2026 Extel - Institutional Investor Global Fixed Income Research Survey V O T E A N A L Y S T R O S T E R H O W T O V O T E Voting Open July 6th – July 24th Please vote for J.P. Morgan (5 stars) --Pre-open relevant levels: S&P Futures -22pts to 7599; 5-year Treasury 4.32% (+1bp early am); 10-year Treasury 4.57% (+1bp early am); WTI Crude +$1.82 to $73.2 (-$0.67 d/d); Brent Crude +$1.85 to $77.9 (- $0.29 d/d); N ...

July 13, 2026 09:00 AM GMT Municipal Strategy | North America More Paths to High Income More choices mean PMs may not get as carried away with credit risk. We favor: levered BBBs > NR, unlevered NR > BBBs, & NR > HY. We'd rather own structural leverage (housing) & structured finance (prepay) over outright credit risk. We prefer restructured PR > Tobacco, and Senior Living > Charters. Key Takeaways During the zero-lower-bound era, muni investors seeking high income had few choices besides traditional high yi ...