Banks and Non-Bank Financials

Research evidence excerpt

Banks and Non-Bank Financials

North America Credit Research

7/17/2026

US Credit Research

Sector Views Kabir Caprihan, CFA Vincent Barretta

Overweight Neutral Underweight (1-212) 834-5613 (1-212) 464-0374

U.S. M.C. Senior H.C. U.S. Regionals Canadian Banks Kabir.x.caprihan@jpmorgan.com Vincent.barretta@jpmorgan.com

Australia/NZ Banks U.S. Subordinated J.P. Morgan Securities LLC J.P. Morgan Securities LLC

Euro Senior Preferred 1 Week MTD QTD 1 Year LTM LTM From From

Euro Senior Non-Preferred 5Y Sector Spread Current Chg Change Change Change Wides Tights Wides Tights

Japanese Banks Money-Center Sr HC 5Y 73 0 0 -8 -2 92 67 -19 7

U.K. Holdco Regionals 5Y 78 1 -1 -14 -8 101 72 -23 6

Finance Companies CanadianJapanese BnksBnks 5Y5Y 5973 -11 15 -11-7 -13-9 8978 6654 -16-18 75

Commentary Aussie Bnks 5Y 54 2 -2 -11 -9 69 49 -15 5

* Strong fundamental performance coupled with lower than expected issuance should help bank spreads in the near term. CoreUK BnksEurope5Y Bnks 5Y 8282 -20 -2-3 -13-14 -12-12 103105 7876 -21-23 46

* The key focus for credit investors is the direction of capital and the amount of issuance post earnings. Fincos 5Y 99 -3 -7 -24 -4 142 89 -43 9

* Issuance for the week was $25bn for senior holding company and another $3bn for subordinate debt. Recall our estimate was JULI Ex EM 5Y 70 0 1 -10 -6 90 67 -20 3

$32bn at the senior holding company level. The issuance calendar has gone as expected, brokers have been on the heavy side, Citigroup 10Y Sector Spread

has been absent, and we think BAC or WFC will likely issue something but small and very manageable. RegionalsMoney-Center10Y Sr HC 10Y 10085 -10 -22 -11-7 -4-2 126103 9476 -26-18 69