US high yield spreads still tight despite pick-up in distress [Reuters]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Reuters
Elevated rates and have eaten into the bottom lines of many U.S. corporate borrowers, particularly those with high leverage and lower credit ratings. The dollar volume of defaulted debt rose to over $33 billion in the first quarter from roughly $19 billion in the fourth quarter of 2023, according to a Monday report by Moody's Ratings. In addition, the default rate among came in at 5.8% over the last 12 months, its highest in three years, Moody's noted. High-yield bond spreads widened 3 basis points on May 1 but they have tightened 33 basis points so far this year, according to the ICE BofA High Yield index. Distressed exchanges continue to play a significant role in these defaults. There have been $12.8 billion in distressed exchanges so far this year, on pace to beat out the $35.2 billion record high reached in 2008, according to a Thursday research note by JPMorgan. The volume of distressed exchanges so far in 2024 accounts for half of all default volume, also on pace to
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JPM
Earnings
- 4/12/24 - Beat
JPM
Sec Filings
- 5/17/24 - Form 424B2
- 5/17/24 - Form 424B2
- 5/17/24 - Form 424B2
- JPM's page on the SEC website