J.P.Morgan Banks and Non-Bank Financials

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J.P.Morgan Banks and Non-Bank Financials

North America Credit Research

7/10/2026

Banks and Non-Bank Financials

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 CanadianRegionals Bnks5Y 5Y 5978 -11 -11 -11-14 -13-8 10178 7254 -23-18 65

Finance Companies Japanese Bnks 5Y 73 1 5 -7 -9 89 66 -16 7

Commentary UKAussieBnksBnks5Y 5Y 8254 -22 -3-2 -11-14 -12-9 10569 4976 -15-23 56

* Second quarter results begin next week, we expect top line numbers to be very strong driven by markets and IB revenue. Core Europe Bnks 5Y 82 0 -2 -13 -12 103 78 -21 4

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

$32bn of GSIB holding company issuance post earnings driven by the broker dealers. We expect Citigroup to be relatively quiet JULI Ex EM 5Y 70 0 1 -10 -6 90 67 -20 3

in the quarter. Away from capital and supply, management comments on the macro backdrop especially the consumer will be Money-Center10Y Sector SpreadSr HC 10Y 85 0 2 -7 -2 103 76 -18 9

closely followed. Regionals 10Y 100 -1 -2 -11 -4 126 94 -26 6

* BDCs continue to tighten, though we still see some value in them.