Making Sense

Unpacking the growth in the debt private placement market, including benefits and considerations for issuers. Exploring the concept of debt private placements and the growth observed by JPMorgan. Examining the use of financial covenants and the expansion of the private market post-financial crisis. Discussing trends and supply in debt private placements, including non-US-based issuers and active sectors.

On the back of J.P. Morgan’s recent Global Energy Conference, Christyan Malek, Global Head of Energy Strategy and Head of EMEA Oil & Gas Equity Research, and Shikha Chaturvedi, Head of Global Natural Gas and Natural Gas Liquids Strategy, explore the 2024 outlook for their respective sectors. How will supply and demand fundamentals play out? Can we expect price volatility? And are we entering the next wave of the energy supercycle? This episode was recorded on November 14, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.   This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode the group discusses US equities in the context of the near 10% S&P500 rally over the last few weeks.  They discuss the fundamental backdrop from a macro, micro and policy lens; the positioning perspective and extent to which investor flows turned bearish through September and October; what this could mean for near-term US equity upside and which sectors look most ripe to rally; and finally key risks to watch from here.  Eloise Goulder, Head of the Data Assets & Alpha Group, is in discussion with Andrew Tyler, Head of US Market Intelligence, and John Schlegel, Head of Global Positioning Intelligence. This episode was recorded on November 15, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.

Explore the latest developments in the leverage loan and high yield markets, including geopolitical conflicts, treasury rates, and economic data. Discover how companies can seize market opportunities before year-end by optimizing pricing and addressing upcoming maturities. Discuss the impact of the Federal Reserve's decision on secondary markets and the rally in high yield bonds and leverage loans.

Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Curation and Strategy, discuss the October payrolls report. This episode was recorded on November 3, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.   This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode we hear from David Denison, Deputy CIO of Hedge Fund Florin Court Capital, a diversified systematic asset manager.  David discusses the philosophy behind trading multiple diversified asset classes across the power / electricity, commodity, interest rate swap and FX markets, the dynamics of a market with fewer speculating players and more producer players, the periods in which trend-following has been particularly successful historically, the benefits of trend-following in mitigating behavioral biases such as anchoring, and the growth in alternative CTAs as a HF asset class.  David Denison is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. Shownotes: To learn more about Florin Court Capital, see https://florincourt.com/ To learn more about David’s book, see: “Bayesian Methods for Nonlinear Classification and Regression”, Wiley, 2002. This episode was recorded on October 16th, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.

From giant skeletons to pet costumes, find out what’s been filling Halloween shopping baskets with consumer sector specialist Briggs Barton and Carla Casella, Head of U.S. High Yield Consumer Products, Food and Retail. Consumers are spending around events and holidays but with dwindling savings, student loan repayments and high rates, many are feeling the strain. Can momentum continue into peak holiday season? This episode was recorded on October 24, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.   This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

Resilience. Fragmentation. Divergence. These were just some of the buzzwords that emerged during the investor conference J.P. Morgan hosted at the IMF/World Bank Annual Meetings in October 2023. What else was top of mind for attendees? Join Joyce Chang, Chair of Global Research, Jahangir Aziz, Head of Emerging Market Economics Research, and Jan Loeys, Head of Long-Term Strategy, as they recap the key themes from the conference.   This episode was recorded on October 18th, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.   This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

Although the IPO market has been quiet since its 2021 peak, signs of resurgence are emerging. Join Lorenzo Soler, Head of Global Equity Syndicate, and host David Rawlings to explore the current state of the IPO market. Topics include issuer and investor engagement, macroeconomics and geopolitical dynamics, strategies for a successful IPO and a glimpse into the 2024 market landscape.  This episode was recorded on October 24th, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

Join Michael Feroli, Chief U.S. Economist and Jay Barry, Co-Head of U.S. Rates Strategy as they discuss why the U.S. economy is not slowing down, the possibility of a 'soft landing', and when inflation is expected to stabilize. They also analyze factors affecting yield movement, long-term rates, and supply and demand risks in the current economic landscape.