The Financials Statement: Cross-Border M&A, EC Report preview & 2Q26 Earnings kick-off

Research evidence excerpt

The Financials Statement: Cross-Border M&A, EC Report preview & 2Q26 Earnings kick-off

J P M O R G A N Europe Credit Research

17 July 2026

The Financials Statement

Cross-Border M&A, EC Report preview & 2Q26

Earnings kick-off

Europe Corporate Credit - Banking &

Financial Services (IG)

Gareth Davies, CFA AC

(44-20) 3493 0672

gareth.davies@jpmorgan.com

Drishti Sharma, CFA AC

Markets (44-20) 7134-0278

Bank secondary spreads saw somewhat bifurcated moves across the bank capital drishti.sharma@jpmorgan.com

structure this week, with €AT1 4bps tighter, $AT1 9bps wider, €Tier 2 7bps tighter, J.P. Morgan Securities plc

and both senior tranches closer to unchanged over the Wed-Wed period. Insurance

spreads were more consistently firm to better across the capital stack, with RT1

Publications of Note

generically shedding 2bps on an index basis, while dated T2 instruments also

Outlooksnarrowed by 1bp.

2H26 Outlook: Tweaking half-time tactics

In terms of primary market activity, European banks were effectively absent over 2026 Outlook: Sunny with a Chance of

the period, owing largely to the 2Q26 earnings’ blackout period, though € investors Curveballs

did see some spillover from US banks’ rampant primary activity post reporting, 2H25 Outlook: Banking on Banks

with GS in particular bringing €5bn of new senior paper via a triple tranche deal.

Sector Handbooks

One new issue was meanwhile placed with Insurance investors during the week,

with Standard Life (formerly Phoenix) issuing a £350mn junior sub bond. Banks Credit Handbook

Insurance Credit Handbook

In this edition... Select other publications

Tier 2 & Senior Picks & Pans (June 2026)

• Spotlight on… Cross-Border M&A: In light of UniCredit’s accumulation of Tier 1 Picks & Pans (June 2026)