The Financials Statement: 2Q Banks Earnings Calendar and Preview

Research evidence excerpt

The Financials Statement: 2Q Banks Earnings Calendar and Preview

J P M O R G A N Europe Credit Research

03 July 2026

The Financials Statement

2Q Banks Earnings Calendar and Preview

Markets Europe Corporate Credit - Banking &

Financial Services (IG)

Compression was the theme of the week in European Financial secondaries, with AC Gareth Davies, CFA

both AT1 and RT1 narrowing notably in the Wed-Wed period (~10bps and ~6bps

(44-20) 3493 0672

apiece), while all Tier 2 and Senior spread tranches gave up 1-2 basis points over gareth.davies@jpmorgan.com

the period. AC Drishti Sharma, CFA

(44-20) 7134-0278

Primary activity meanwhile slowed somewhat, with ‘just’ over €8bn banks paper drishti.sharma@jpmorgan.com

placed with investors, skewed heavily toward senior tranches. Insurance primary J.P. Morgan Securities plc

activity was similarly subdued, though did see L&G bring a £500mn NC7 RT1 to

market, with 7.125% coupon (JPM involved).

Publications of Note

In this edition… Outlooks

2H26 Outlook: Tweaking half-time tactics

• 2Q26 Banks Earnings preview: With 2Q26 earnings soon approaching, we 2026 Outlook: Sunny with a Chance of

provide readers with the quarter’s earnings calendar, as well as taking the Curveballs

opportunity to refresh YTD sector supply numbers against our expectations, 2H25 Outlook: Banking on Banks

and set out what we expect to be the main themes and talking points of the

Sector Handbooks

quarter’s results. In short, we expect a largely uneventful set of numbers, likely

Banks Credit Handbook skewed slightly positively given the improved geopolitical backdrop since 1Q.

Thematically, however, we expect mortgage competition, domestic politics Insurance Credit Handbook

and cross-border M&A to all be areas of continued or renewed focus. Select other publications