European Morning Credit: Today in European Credit

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European Morning Credit: Today in European Credit

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European Morning Credit

Today in European Credit

Strategist 03 July 2026

The European Credit Strategist: 1H full of so many extremes in price action, volatility, Credit

market rotations and investor demand. An action-packed 2H awaits. We are bullish on Europe

credit in 2H: fewer "excesses" in the bond market compared to the stock market. Central European Credit Rsch Grp

bank divergence likely to be a big 2H story. We note Euro credit did well in '14-'19 when BofASE (France)

Fed/ECB diverged. See: Tech-tock. (BM) See Team Page for List of Analysts

Financials

Lansforsakringar Bank (LFBANK): Still like LF's high-quality fundamentals. Ample

discount to Swedish peers at some parts of the curve despite compression. Reiterate Exhibit 1: Just published

OW on Sr Pref '29s and '30s up to 25bps wide of peers. Add MW on the newer Sr Pref Recent publications from European Credit

'31s where upside looks lower. Decent 4.6ppts capital buffer and well positioned on Research

MREL. See potential for another benchmark-sized senior issue in 2H26. See: Tighter

The European Credit Strategist

spreads, but still opportunity. (KL) Tech-tock

Barnaby Martin

Autos

Jaguar Land Rover (TTMTIN): JLR reported its wholesale and retail figures. Wholesales Lansforsakringar Bank

in Q1 2027 were 79,300 units: down 9% yoy and down 17% qoq. JLR says that Tighter spreads, but still opportunity

Katharine Lennon

wholesale/retail volumes were affected by temporary supply constraints, like a fire at a

major component supplier. The Middle East conflict also hit volumes. Y/Y wholesale European Utilities

volumes rose in MENA (+4.5%), were flat in North America but fell in the UK (-6%), The Metering Check: June 2026